By any measure, market activity looked pretty ugly this morning, as the major market ETFs opened sharply to the downside in what appeared to be the Bernanke hangover. In addition, worries about domestic and global economies were supporting the plunge. However, the S&P 500’s 200-day moving average again proved to be a springboard, as buyers started to come in and …
Triple Punch Knocks Down Major Market ETFs – International Sell Signal Generated
The day started out to the downside, as a triple punch took the starch right out of yesterday’s rebound rally, which at this point looks like a dead cat bounce. Industrial production barely grew in May, manufacturing in the New York region unexpectedly fell and consumer prices rose 0.2%, which was slightly ahead of expectations. Add to that a falling …
Major Market ETFs Move Sideways
Despite a nice start to the upside, the major markets ETFs got stuck stuck and went nowhere after meandering around the unchanged line all day. In accordance with our sell stop discipline, we sold VEU, which affected several of our model portfolios, as you will see with the next report due out on Wednesday. A few selected mutual funds were …
Major Market ETFs Plunge During Last Hour
The markets did their best cliff dive imitation during the last hour of trading and surrendered all gains of what appeared to be a nice rebound. Causing the sudden change in sentiment were comments from Fed chairman Bernanke, during which he saw the recovery as uneven and also warned against a “sudden fiscal contraction” if spending would not be brought …
Major Market ETFs Take It On The Chin
While most individual economic reports have only a limited effect on market direction, today’s triple combination of nothing but disappointing data knocked the major indexes to the mat. And, unlike many instances in the past, there was no afternoon rebound, as the chart (courtesy of MarketWatch.com) shows. First, ADP’s national employment report came in weaker than worst expectations, which now …
Major Market ETFs Succumb To Bearish Pressures
In last Friday’s market commentary, I suggested that over-indebted countries like Greece, Ireland and Portugal, among others, can’t and eventually won’t pay back the burden of continuously shouldering the mother of all indebtedness. While the ECB and most governments are still in denial of that fact, anxiety surrounding the euro zone debt drama increased over the weekend and global markets …