There was little economic data Tuesday yet stocks experienced some heavy volume selling after the NASDAQ Composite rally Monday.
Overseas Greece is back in the news as a third bailout looms. (Who knew?!) After the European markets closed it was announced the Greek government would dig in to the public pension plan to pay back debts to the IMF. (This won’t end well as protests will increase.) European stocks fell.
Further China stocks fell on worries the economy is sinking further than many thought as the government cuts interest rates again. The deal here is China’s economy and official data are opaque at best making punditry useless.
All this weak overseas data caught up with U.S. stocks where some declines appeared from the previously red hot auto market. This wasn’t well-received by U.S. investors overall.
Leading market sectors higher included: Energy (XLE), Utilities (XLU), Russia (RSX), Crude Oil (USO), Commodity Tracking (DBC) and that’s about it.
Leading market sectors lower included: Retail (XRT), Small Caps (IWM), Healthcare (XLV), Biotech (IBB), Homebuilders (ITB), Emerging Markets (EEM), Europe (VGK), Brazil (EWZ), Japan Hedged (DXJ), Gold (GLD), Gold Miners (GDX), Silver (SLV), and Bonds (TLT).
Volume increased on selling and breadth per the WSJ was negative.
The top 20 market movers by percentage change in volume whether rising or falling is available daily.
Janet Yellen speaks tonight and we’ll see what she has to say if anything by tomorrow.
Wednesday delivers ADP Employment Report, MBA Purchase Applications, PMI Services Index, ISM Non-Mfg Index and EIA Petroleum Status Report.
Let’s see what happens.
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Dave Fry is founder and publisher of ETF Digest, a MarketWatch columnist 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||50.33||0.74||1.49 %||16:18|
|US Dollar||95.43||-0.01||-0.02 %||16:42|
|Brazil||1718.952||-1.73 %||-1.73 %||-6.19 %|
|Russia||495.590||0.43 %||0.43 %||22.39 %|
|India||547.593||0.40 %||0.40 %||10.31 %|
|China||69.932||0.30 %||0.30 %||5.90 %|