News on the day was scattered and mixed. The major news surrounded the CBO’s much lowered estimate for 2014 GDP growth from 3.1% to only 1.5%. They do just as good a job as most economists or the IMF. And, speaking of the IMF, its head Christine Lagarde is at the center of a French court’s probe into her alleged negligence in a corruption investigation. (I guess the job attracts the hiring of flawed leaders remembering her predecessor DSK.)
Overseas China stocks were higher for the first time in three trading days as tech and autos led a modest recovery there. European stocks were mostly higher, if only modestly so. Emerging market stocks rose along with Latin America and selective Asian sectors.
U.S. stocks struggled throughout the day on ultra-light trading volume. It’s assumed Da Boyz left some privates in fox holes to guard their positions or at least a few HAL 9000s.
Leading market sectors higher included: Retail (XRT), Utilities (XLU), JP Morgan Alerian MLP (AMU), Taiwan (EWT), Australia (EWA), Singapore (EWS), Canada (EWC), Emerging Markets (VWO), Brazil (EWZ), UK (EWU), Italy (EWI), Belgium (EWK), Bonds (TLT) and Natural Gas (UNG).
Leading market sectors lower included: Banks (KBE), Regional Banks (KRE), Energy (XLE), Internet (FDN), Networking (IGN), Small Caps (IWM), Dollar (UUP), Solar (TAN), Hong Kong (EWH), China (FXI), Japan (EWJ), Russia (RSX) and Copper (JJC)
The top 20 market movers by percentage change in volume whether rising or falling is available daily.
We posted a short chart video of fast moving iPath Coffee ETF (JO) which is enduring a drought and crop infestation in Brazil.
Volume was, as you’d expect, light as the holiday weekend approaches. Breadth per the WSJ was by and large mixed.
There’s not much in the way of economic data Wednesday. There isn’t much to comment on other than there is no volume. On that note it’s obvious many investors were washed out on the heavy volume sell-offs of early August. The subsequent light volume indicates they haven’t come back
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".