MARKET COMMENT
Dave Fry’s ETF Digest, July 9, 2009
I’ll make this brief today as there are appointments to keep. Tomorrow marks the end of the week and there will be more to say then.
The highlights today were weakness in the dollar and feeble bounce in gold currently more attached to oil; Alcoa’s failure to hold last night’s gains; news that Goldman Sachs will exceed its record 2007 earnings; a comeback of sorts for banks and materials stocks; and more second round stimulus trial balloons aloft.
Volume was ultra light but breadth improved enough to move stocks from their short-term oversold conditions.
Meanwhile, the trusty McClellan Oscillator continues to fall reinforcing the notion that the top is in for stocks.
This is all we have time for today. It seems clear that investors are now lost between fears of a resumption of the bear market downtrend and hopes for green shoots. Earnings should prove inspiring to one side or the other.
I’ll be back with a more detailed report tomorrow.
Disclaimer: Among other issues the ETF Digest maintains positions in: GLD and USL.
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.
