Stick Save Greece And Europe
0
July 07, 2015

It’s easy to assert stocks were much oversold as markets hit fresh lows Tuesday morning.

Then came news that Greece and European leaders would be meeting Wednesday with the former presenting a fresh proposal. What would that do to relieve the stalemate? Nothing beyond perhaps turning public opinion against the powerful troika vs the so-called victimized Greece citizenry. Beyond that the Greeks will probably ask for a fresh cash infusion with more negations to follow (sigh).

There were enough fresh shorts to squeeze Tuesday and those that can do it were ready to pounce. It’s possible Tuesday was just one of many headline stories that will highlight this seemingly never-ending drama.

After being down below the 200 day moving average for most headline indexes (the Dow down over 200 points) markets reversed course and rallied sharply with most indexes turning green.

Economic data featured International Trade which declined once again to $-41.9B vs -40.7B; Gallup Economic Confidence fell for the 5th straight month to -8 vs prior -7; and, the JOLTS Survey edged higher to 5.36M vs 5.33M.

Leading market sectors higher included: S&P 500 (SPY), Dow (DIA), Energy (XLE), Oil & Gas Exploration (XOP), REITS (IYR), Utilities (XLU), Transports (IYT), Consumer Staples (XLP), Consumer Discretionary (XLY), Retail (XRT), Homebuilders (ITB), Greece (GREK), and Crude Oil (USO)

Leading market sectors lower included: Banks (KBE), Regional Banks (KRE), Emerging Markets (EEM), UK (EWU), Brazil (EWZ), India (EPI), South Korea (EWY), Asia ex-Japan (AAXJ), Hong Kong (EWH), Taiwan (EWT), Malaysia (EWM), Vietnam (VNM), Philippines (EPHE), China (FXI), China Small Caps (HAO), Shanghai (ASHR), Gold (GLD), Gold Stocks (GDX), Silver (SLV) and Copper (JJC).

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

Volume was heavy and breadth per the WSJ was mixed and so too was Money Flow.

7-7-2015 6-01-14 PM Diary

Charts of the Day
  • SPY 5 MINUTE

    SPY  5  MINUTE

  • SPY DAILY

    SPY DAILY

  • 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

  • KBE WEEKLY

    KBE WEEKLY

  • XLI WEEKLY

    XLI WEEKLY

  • XLP WEEKLY

    XLP WEEKLY

  • XLY WEEKLY

    XLY WEEKLY

  • XRT WEEKLY

    XRT WEEKLY

  • IYT WEEKLY

    IYT  WEEKLY

  • XLU WEEKLY

    XLU WEEKLY

  • IYR WEEKLY

    IYR WEEKLY

  • ITB WEEKLY

    ITB WEEKLY

  • XLV WEEKLY

    XLV WEEKLY

  • IBB WEEKLY

    IBB WEEKLY

  • TLT WEEKLY

    TLT WEEKLY

  • UUP WEEKLY

    UUP WEEKLY

  • FXE WEEKLY

    FXE WEEKLY

  • FXY WEEKLY

    FXY WEEKLY

  • GLD WEEKLY

    GLD WEEKLY

  • GDX WEEKLY

    GDX WEEKLY

  • SLV WEEKLY

    SLV WEEKLY

  • JJC WEEKLY

    JJC WEEKLY

  • USO WEEKLY

    USO WEEKLY

  • DBA WEEKLY

    DBA WEEKLY

  • DBC WEEKLY

    DBC WEEKLY

  • EFA WEEKLY

    EFA WEEKLY

  • IEV WEEKLY

    IEV WEEKLY

  • EEM WEEKLY

    EEM WEEKLY

  • EWG WEEKLY

    EWG WEEKLY

  • EWD WEEKLY

    EWD WEEKLY

  • EWP WEEKLY

    EWP WEEKLY

  • EWZ WEEKLY

    EWZ WEEKLY

  • RSX WEEKLY

    RSX WEEKLY

  • EPI WEEKLY

    EPI 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.


 

There isn’t much more to say beyond the market’s rally off support levels with European sides now talking again was all bulls needed to launch buy programs.

Wednesday yields Fed Minutes and Consumer Credit reports. The former remains important to investors since they believe there are nuggets of info not currently known. But seriously, what isn’t already known? Consumer Credit will likely also reveal what’s already known—Student Loans and auto sales will dominate.

Let’s see what happens.

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Dave Fry is founder and publisher of ETF Digest and has been covering U.S. and global ETFs since 2001. ETF Digest was named one of the most informative ETF websites in the 10th Annual Global ETF Awards.



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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
Gold1,156.00-14.80-1.27 %17:15
WTI Crude Futr52.950.420.80 % 17:14
Index Quotes Change Change % Local
CRB215.53-2.34-1.07 %17:28
US Dollar96.87-0.01-0.01 %17:00
Index Quotes Change Change % Local
VIX16.09-0.92-5.41 %16:14
MSCI Value Daily MTD YTD
Brazil1599.797-1.02 %-2.60 %-12.69 %
Russia495.327-2.02 %-3.41 %22.33 %
India511.3450.43 %2.11 % 3.01 %
China69.526-4.10 %-6.53 %5.28 %