Courtesy of John Nyaradi
ETF News Roundup: December 8, 2010
Major indexes (SPY, QQQQ) crept higher today on the strength of a strong late day finish, particularly in financials and remain in an uptrend but up against serious resistance at the 1229 level on the S&P 500. A convincing break above this level would likely lead to higher prices ahead.
Emerging markets (EEM, FXI) gave up ground on concerns on tightening in China and weakness in commodities. The Shangahi Composite remains in an intermediate downtrend, below its 50 Day Moving Average but above its long term 200 Day Moving Average and could show new strength going into the last two weeks of the year.
Economic news will be light this week with the next major report on Thursday regarding new and continuing unemployment claims.
Good Holiday Reading at SuperSectors.net
Gold (GLD) and Silver (SLV) weakened on a strengthening dollar and are at significant resistance on a technical basis.
Bonds (TLT) declined sharply and remain in a significant downtrend as yields reached a six month high due to concerns that the recent Congressional/White House tax deal won’t help the budget deficit.
Good Holiday Reading at Super Sectors
Click here to learn more about John’s book and for a free membership to Wall Street Sector Selector
