ETF/No Load Fund Tracker StatSheet
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THE LINK TO OUR CURRENT ETF/MUTUAL FUND STATSHEET IS:
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Market Commentary
Friday, March 1, 2013
US INDEXES RISE AS DATA OFFSETS SEQUESTER; EUROPE FALLS ON ECONOMIC DATA, CHINA
US indexes advanced Friday, wiping out earlier losses as upbeat manufacturing and consumer confidence data offset concern about government spending cuts.
The Institute for Supply Management’s manufacturing index rose to 54.2, the highest reading since June 2011 and a surprise improvement from January’s 53.1.
The University of Michigan/Thomson Reuters consumer sentiment index rose to a final February reading of 77.6, the highest since November.
Separately, government data showed consumer spending in the US rose in January even as incomes dropped the most in 20 years, showing households are so far weathering the hike in payroll taxes. Ahead of the US open, data showed China’s manufacturing slowed for a second month while factory-output in the 17-member euro area shrank for the 19th straight month.
Federal Reserve Bank of Chicago chief Charles Evans said the Fed should stick to its $85 billion in monthly bond purchases, warning a sudden withdrawal may undermine the recovery process.
As a result, the Dow Jones Industrial Average (DJIA) added 35 points to finish at 14,090, which is 75 points from its all-time closing high hit on Oct 9, 2007. The blue-chip index added 0.3 percent for the week.
The S&P 500 Index (SPX) rose 4 points to 1,518 with healthcare leading the gains and industrials sliding the most among its 10 business groups. The benchmark index is up 0.2 percent for the week.
Treasury prices rose for a second day, triggering the biggest weekly drop in 10-year yields since September, as investors grew weary the $85 billion of federal spending cuts will derail the economy’s recovery.
The euro fell below the key $1.30 level Friday, dropping to its lowest level this year as a wave of downbeat data from Europe spurred demand for safer assets.
Meanwhile, European bourses trimmed losses after upbeat US manufacturing and consumer confidence data helped counter record high unemployment in the euro zone and weak Chinese business activity reading in February.
The Stoxx Europe 600 index shed 0.3 percent to close at 289.02, but finished the week 0.2 percent higher to mark its second weekly gain in a row. European markets finished February with a ninth straight monthly gain as global central bank chiefs signaled continuation of the current loose monetary policies.
Our Trend Tracking Indexes (TTIs) showed a mixed picture as the Domestic TTI rose and the International TTI slipped a bit. Here are this week’s closing numbers:
Domestic TTI: +3.10% (last week +2.84%)
International TTI: +8.56% (last week +9.31%)
Have a great week.
Ulli…
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READER Q & A FOR THE WEEK
All Reader Q & A’s are listed at our web site!
Check it out at:
http://www.successful-investment.com/q&a.php
A note from reader Steve:
Q: Ulli: Can you provide a basic explanation of your momentum (M-Index) without giving away your proprietary method?
A: Steve: All terms are described in the Glossary section, which is posted on the top of every StatSheet. In case you missed it, you can read it here:
http://www.successful-investment.com/GlossaryOfTerms.pdf
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