U.S. Markets Go It Alone
0
November 20, 2014

11-20-2014 7-16-16 PM FOOTSTEPS

In China PMI Manufacturing Index fell slightly to 50.4 vs 50.8 which allowed stocks to rally as the headline suggests the government will be forced to ease—don’t be so sure.

European stocks weakened with miners and a drop in eurozone PMI Manufacturing Flash from 50.4 vs 50.8. (Well, there’s always Draghi for more jawboning and promises).

CPI 0.0% vs -0.1% expected & prior 0.1%; and ex-food & energy 0.2% vs 0.1% expected & prior 0.1%

Jobless Claims flat at high levels 291K vs 284K expected & prior 293K

PMI Manufacturing Index misses & drops to 54.7 & r8.5 expected & prior 56.2

Philly Fed Survey doubles higher to 40.8 vs 18 expected & prior 20.7.

Existing Home Sales rose to 5.260 M vs 5.150 M expected & prior 5.180 M

Leading Indicators rose to 0.9% vs 0.5% expected & prior 0.7%.

So color economic data mixed. At the same time commodities rallied with gold, crude oil, silver and commodity tracking indexes all rising because _________ (fill in the blank).

Leading market sectors higher included: Gold (GLD), Gold Miners (GDX), Junior Gold Miners (GDXJ), Metals & Mining (XME), Silver (SLV), Silver Miners (SIL), Small Caps (IWM), Semiconductors (SMH), Energy (XLE), Crude Oil (USO), Natural Gas Producers (FCG), Natural Gas (UNG), Homebuilders (ITB), Retail (XRT), Bonds (TLT), Russia (RSX), Canada (EWC), Turkey (TUR), Vietnam (VNM), Solar (TAN) and Commodity Tracker (DBC).

Leading market sectors lower included: Healthcare (XLV), Consumer Staples (XLP), Utilities (XLU), Japan (EWJ), China (FXI), EAFE (EFA), Australia (EWA), Spain (EWP), Italy -----*/(EWI), Vanguard Europe/Pacific (VEA), Global Utilities (JXI) and Aluminum (JJU).                                                                 

The top 20 market movers by percentage change in volume whether rising or falling is available daily.

Volume was light once again Thursday despite all the data. Breadth per the WSJ was positive but looking at Money Flow below you’ll note the divergence.

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11-20-2014 7-17-21 PM dIARY

Charts of the Day
  • SPY 5 MINUTE

    SPY  5  MINUTE

  • SPX WEEKLY

    SPX WEEKLY

  • INDU WEEKLY

    INDU WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • XLB WEEKLY

    XLB WEEKLY

  • XLE WEEKLY

    XLE WEEKLY

  • XLF WEEKLY

    XLF WEEKLY

  • XLI WEEKLY

    XLI WEEKLY

  • XRT WEEKLY

    XRT WEEKLY

  • XLY WEEKLY

    XLY WEEKLY

  • XLU WEEKLY

    XLU WEEKLY

  • XLV WEEKLY

    XLV WEEKLY

  • XLP WEEKLY

    XLP WEEKLY

  • ITB WEEKLY

    ITB WEEKLY

  • IYR WEEKLY

    IYR WEEKLY

  • TAN WEEKLY

    TAN WEEKLY

  • TLT WEEKLY

    TLT WEEKLY

  • UUP WEEKLY

    UUP WEEKLY

  • FXE WEEKLY

    FXE WEEKLY

  • FXY WEEKLY

    FXY WEEKLY

  • FXA WEEKLY

    FXA WEEKLY

  • GLD WEEKLY

    GLD WEEKLY

  • GDX WEEKLY

    GDX WEEKLY

  • DBB WEEKLY

    DBB WEEKLY

  • DBA WEEKLY

    DBA WEEKLY

  • USO WEEKLY

    USO WEEKLY

  • DBC WEEKLY

    DBC WEEKLY

  • EFA WEEKLY

    EFA WEEKLY

  • VGK WEEKLY

    VGK WEEKLY

  • EEM WEEKLY

    EEM WEEKLY

  • AAXJ WEEKLY

    AAXJ WEEKLY

  • EWJ WEEKLY

    EWJ WEEKLY

  • EWJ WEEKLY

    EWJ WEEKLY

  • EWU WEEKLY

    EWU WEEKLY

  • EWA WEEKLY

    EWA WEEKLY

  • EWZ WEEKLY

    EWZ WEEKLY

  • FXI WEEKLY

    FXI WEEKLY

  • NYMO DAILY

    NYMO  DAILY

    The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

  • NYSI DAILY

    NYSI DAILY

    The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

  • VIX WEEKLY

    VIX WEEKLY

    The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.

 

 

Closing Summary

The Fed didn’t do itself any good as far as I’m concerned but I’m just a small fry. We’ll have to wait until December 17th for the next meeting.

Thursday yields more earnings plus: CPI; Jobless Claims; PMI Manufacturing Index Flash; Philly Fed Survey and Existing Home Sales. Fed Vice-Chair Dudley will also spew forth his manipulative jawboning.

Let’s see what happens.

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...

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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"



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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

 

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
Gold1,202.406.900.58 % 16:55
WTI Crude Futr76.660.811.07 % 16:20
Index Quotes Change Change % Local
CRB269.100.950.35 % 16:27
US Dollar88.360.660.75 % 16:43
Index Quotes Change Change % Local
VIX12.90-0.68-5.01 %16:14
MSCI Value Daily MTD YTD
Brazil2022.4930.42 %-6.87 %-8.82 %
Russia568.1622.11 %-4.90 %-27.80 %
India520.0790.34 %0.07 % 27.69 %
China62.4380.10 %-2.91 %-1.05 %