Welcome Guest
Chinese (Simplified) French German Italian Japanese Portuguese Russian Spanish
BULLS NEED FRESH NEWS
March 09, 2010
openingimage

This market seems tired and in need of fresh fuel from bullish news to push it thru resistance.  From where will it come?  This is hard to say.  On Tuesday there was sporadic bullish action with rumors the government will sell some of its toxic waste from financial companies like C, AIG and so forth.  However, many market sectors seem heavy as they gasp for air at high altitude.  In other words, we’re overbought.

 

Volume was again light while breadth remains positive.

 

 

 

 

I’d say the bull needs some fuel in the form of news and volume.  You’ll note how dramatically volume has fallen over the past few months.  Monday’s volume was akin to a half-day holiday trading period.

 

Economic data will come Wednesday from Wholesale Inventories and well as energy supplies.

 

In after hours trading Tuesday, biotech stocks are active with M&A activity for Facet Biotech being bought by Abbott and InterMune also strongly higher.  Perhaps this is the type of news to bring out the animal spirits.

 

Nevertheless, no matter how you view it, markets are overbought.

 

Let’s see what happens.  You can follow our pithy comments on twitter and become a fan of ETF Digest on facebook.

 

Disclaimer:  Among other issues the ETF Digest maintains positions in: MDY, MVV, IWM, TNA, QLD, XLY, XLI, KRE, UUP, DGP, UCO and XPP.


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.

 

MDY, MVV, IWM, TNA, QLD, XLY, XLI, KRE, UUP, DGP, UCO and XPP.




BULLS NEED FRESH NEWS has (2) comments
bluebare
bluebare: Comments (16)
March 10, 2010
P.S. Re: Argentinian crop threats. SGG hit my price point today and I got in late in the day. May be doing a few more deep breathing exercises than usual over the next few days.
bluebare
bluebare: Comments (16)
March 10, 2010
APT up on impressive earnings after hours, too. Yippee! Hope we get that last little peak up. I really need it to take longer to top out than it will. I'm gonna get squeezed between more late reporters like APT and these dang overbought conditions. Trying to optimize the profits accounting for these cross currents and get ready for the next round is a very fun game.

You must be logged in to post a comment. Please register if you do not have an account yet.
Add Your Comment

Smaller | bigger


busy
Archives
Disclaimer

ETF Digest™
A trademark of TechInvest Inc. 2010 TechInvest All Rights Reserved.

New subscribers wanting to join in with existing positions are cautioned that mature positions may have stop-loss points may result in losses to them while the ETF Digest's position may only experience a reduction in profits.


There can be substantial risk of loss in trading stocks. You should, therefore, carefully consider whether such trading is suitable for you in light of your financial condition. In deciding to trade stocks, you should be aware of the following:


You may sustain a total loss of the stock value and of all transaction costs. This statement and this web site cannot disclose all the risks and other significant aspects of the stock markets or the use of our signals.


If you engage in margin trading and the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the prescribed time, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.


Under certain market conditions, you may find it difficult or impossible to liquidate a position. The placement of contingent orders by you or your trading advisor, such as a "stop loss" or "stop limit" order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.


No representation is being made that any stock trading account will or is likely to achieve profits or losses similar to those shown. Hypothetical stock trading does not involve financial risk, and no hypothetical stock trading record can completely account for the impact of financial risk in actual stock trading. For example, the ability to withstand losses or to stick to a particular trading program in spite of trading losses are material points which can also adversely affect actual stock trading results. There are numerous other factors related to the stock markets in general or to the implementation of any specific stock trading program which can not be fully accounted for in the preparation of hypothetical stock trading performance results, and all of these factors can adversely affect actual stock trading results.


The use of the Internet to transmit and receive information creates additional risk. The ETF Digest will attempt to post signals on the web site. However, The ETF Digest cannot be responsible for delays in transmitting the information described on this site resulting from problems with Internet connectivity, either your or our own, or by slowdowns of Internet transmittal of information.


The information provided by The ETF Digest is based on sources believed to be reliable, but it is not guaranteed to be accurate. There is no guarantee that the recommendations of The ETF Digest will be profitable or will not be subject to losses. The information provided by The ETF Digest is not a recommendation or a solicitation that any particular investor should purchase or sell any particular security in any amount, or at all. The investments discussed or recommended herein may be unsuitable for investors depending on their specific investment objectives and financial position. At any time TechInvest Inc. and its principals may maintain positions that are contrary to positions announced within the subscription service. In no event will The ETF Digest be liable to you or anyone else for any incidental, consequential, special, or indirect damage (including but not limited to lost profits or trading losses).


PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

follow on twitter ETF Digest

Market Summary
NYSE Composite Index S&P 500 Index Nasdaq Composite Index Russell 2000 Small Cap Index NYSE Composite Index S&P 500 Index Nasdaq Composite Index Russell 2000 Small Cap Index 10 Year Treasury Note Yield Gold Bugs Index Morgan Stanley High Tech 35 Index Market Chart
Commodity Quote Change Change % NY
Gold1,126.002.800.25 % 02:00
WTI Crude Futr81.42-0.07-0.09 %01:44
Index Quotes Change Change % Local
CRB274.79-1.92-0.69 %03/09
US Dollar80.570.120.16 % 03/09
Index Quotes Change Change % Local
VIX17.920.130.73 % 03/09
MSCI Value Daily MTD YTD
Brazil3557.36-2.29 %7.45 % 117.15 %
Russia816.12-2.99 %8.44 % 105.56 %
India448.14-2.36 %7.25 % 91.80 %
China66.42-0.92 %5.49 % 62.76 %