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Post Nasdaq Let Down
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March 03, 2015

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.

3-3-2015 6-51-39 PM Diary

Charts of the Day
  • SPY 5 MINUTE

    SPY  5  MINUTE

  • SPX WEEKLY

    SPX WEEKLY

  • INDU WEEKLY

    INDU WEEKLY

    Pick3

  • RUT WEEKLY

    RUT WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • XLF WEEKLY

    XLF WEEKLY

  • XLB WEEKLY

    XLB WEEKLY

  • XLE WEEKLY

    XLE WEEKLY

  • XLI WEEKLY

    XLI WEEKLY

  • XLU WEEKLY

    XLU WEEKLY

  • XLV WEEKLY

    XLV WEEKLY

  • XLY WEEKLY

    XLY WEEKLY

  • XRT WEEKLY

    XRT WEEKLY

  • ITB WEEKLY

    ITB WEEKLY

  • IYT WEEKLY

    IYT  WEEKLY

  • IYR WEEKLY

    IYR 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

  • DBB WEEKLY

    DBB WEEKLY

  • USO WEEKLY

    USO WEEKLY

  • DBC WEEKLY

    DBC WEEKLY

  • DBA WEEKLY

    DBA WEEKLY

  • EFA WEEKLY

    EFA WEEKLY

  • IEV WEEKLY

    IEV WEEKLY

  • EEM WEEKLY

    EEM WEEKLY

  • EWU WEEKLY

    EWU WEEKLY

  • EWQ WEEKLY

    EWQ WEEKLY

  • EWG WEEKLY

    EWG WEEKLY

  • GREK WEEKLY

    GREK 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.

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"



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ETF Digest™
 

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
Gold1,204.00-2.90-0.24 %16:55
WTI Crude Futr50.330.741.49 % 16:18
Index Quotes Change Change % Local
CRB222.020.050.02 % 16:28
US Dollar95.43-0.01-0.02 %16:42
Index Quotes Change Change % Local
VIX13.860.826.29 % 16:14
MSCI Value Daily MTD YTD
Brazil1718.952-1.73 %-1.73 %-6.19 %
Russia495.5900.43 %0.43 % 22.39 %
India547.5930.40 %0.40 % 10.31 %
China69.9320.30 %0.30 % 5.90 %