Just when you thought it was safe to go back in the water Boeing (BA) posts a negative earnings surprise and terrorists seem to have launched an attack in Ottawa, Canada. Both these items unnerved investors. Additionally, and as I noted last night, the trusty McClellan Oscillator (NYMO) was in short-term overbought territory which generally means some selling should take place.
The dollar rose, gold and commodities (especially oil) fell and stocks overall fell rather sharply with only Consumer Staples (XLP), Utilities (XLU) and other safe havens including Treasury bonds.
So as the children’s game Simon Says goes, “Simon says, take three giant steps forward. Simon Says, take one giant step backwards.” And so it goes.
Leading market sectors higher included: as I indicated above.
Leading market sectors lower included: everything else.
The top 20 market movers by percentage change in volume whether rising or falling is available daily.
Volume remains heavier than over the past few months and breadth per the WSJ was negative. At least it relieved the NYMO’s overbought condition.
After the close of trading AT&T (T) and Yelp (YELP) reported disappointing results. Thursday Jobless Claims, FHFA House Price Index and Leading Indicators will be reported.
Let’s see what happens.
Dave Fry is founder and publisher of ETF Digest and has been covering U.S. and global ETFs since 2001.
He is the author of "Create Your own ETF Hedge Fund: A Do-It-Yourself Strategy for Private Wealth Management" published by Wiley Finance and "The Best ETFs: U.S. Equities, A Companion Guide to Building Your ETF Portfolio".
Disclaimer: The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell only any security. Market sectors and related ETF's 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 annotation's 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
|WTI Crude Futr||81.14||0.62||0.77 %||09:44|
|US Dollar||85.98||0.12||0.14 %||10:03|
|Brazil||2073.855||-0.47 %||-4.44 %||-6.50 %|
|Russia||575.478||-1.78 %||-5.83 %||-26.87 %|
|India||498.673||1.18 %||-0.39 %||22.43 %|
|China||62.455||1.41 %||1.28 %||-1.03 %|