MARKET COMMENT
Dave Fry’s ETF Digest, June 9, 2009
Setting up a new computer is a pain that’s for sure. Various components are missing and there are trips to Best Buy who then sell you the wrong part and repeat. This too shall pass. What does this have to do with markets? Absolutely nothing.
It was another light volume day with markets propped and camped from yesterday’s end of day jam. When markets are like this games are easy to play within Da Boyz network. So be careful out there.
We hardly broke 200M shares on SPY which is like a late day in August. It seems most sellers have exited and fresh money is just coming from bonds and TARP funds still sloshing about trading desks. Breadth was very positive on the NASDAQ helped by Texas Instruments earnings and outlook while breadth elsewhere was unremarkable.
The Summation Index reflects severe overbought conditions but that doesn’t mean it can continue for a time.
Holy distraction Batman! Yeah, well we’re going through a lot of crap with Lenovo trying to get our new computer up and running. We now have to return the monitors we purchased recently from Best Buy and spend more money. Also they cancelled the new tower I bought for our programmer two weeks after it was ordered owing to a different delivery address than the credit card. But they never called us even after we authorized the transaction with the bank. My wife’s new laptop is being returned as well. So I’m thinking of that Batman to Robin quote as our son is the one running around Baltimore trying to find the right stuff. An atomic pile might have been easier.
I see this evening National Semiconductor disappointed following Texas Instruments good report last night. Also Intel lost market share in the first quarter. That figures since those are in our new non-operating Lenovos.
Okay, tomorrow’s another day.
Disclaimer: Among other issues the ETF Digest maintains positions in: IEF, TLT, TBT, UDN, GLD, DBC, DBA, EFA and EEM.
The charts and comments are only the author’s view of market activity and aren’t recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren’t predictive of any future market action rather they only demonstrate the author’s opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com.
