Markets Struggle To Find Volume And Direction
0
February 25, 2015

(NOTE:I am still on the road this week so commentaries and postings will remain intermittent and shorter.)

Markets plodded along most of the day with a wary eye on Yellen’s testimony (boring) and some news from Saudi Arabia that demand for crude oil was improving. The latter goes in the self-serving believe it or not category as no doubt the Saudi’s are under pressure from their peers and others. Oil prices responded accordingly rising over 3%. It’s a shaky bunch in the oil trading pits.

Economic data was dull as New Home Sales were flat or 481K vs 471K expected & prior revised lower from 481K to 482K. Bullish headline editors like to spin it the number “beat estimates” which is amusing. Looking at the data you could spin it in a variety of ways but I just chose to call it “flat” which seemed reasonable. Thursday’s economic data features more reports to spin analyze, including the CPI, Durable Goods Orders, Jobless Claims, FHFA House Price Index and Kansas City Fed Manufacturing Index.

Even the Fed put a toe in the water to suggest some market sectors are somewhat extended but that was a tepid admission. The more important note is Yellen didn’t believe interest rates would be raised before June.

Leading market sectors higher included: Energy (FXE), Crude Oil (USO), Biotech (IBB), Silver (SLV), Gold Miners (GDX), Bonds (TLT), Russia (RSX), South Korea (EWY), Canada (EWC), and Commodity Tracker (DBC).

Leading market sectors lower included: Homebuilders (ITB), Semiconductors (SMH), Brazil (EWZ), China (FXI), and Utilities (XLU) and some others.                                                                        

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

Volume remains quite light as investors are still trying to understand trends and possibly waiting to see Friday’s GDP data. Breadth per the WSJ was slightly positive.

Sign up to become a premium member of the ETF Digest and receive more of our detailed charts with actionable alerts.

You can follow our pithy comments on twitter and become a fan of ETF Digest on facebook

2-25-2015 7-56-04 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

  • 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.

Salesforce posted inline earnings after the bell but the stock rallied nearly 11% as the company hiked revenue outlook.

Another item of note Wednesday was J.P. Morgan started to charge customers for deposits. This is one reason the Cheshire Cat thinks things are mad nowadays.

Let’s see what happens.

Sign up to become a premium member of the ETF Digest and receive more of our detailed charts with actionable alerts.

You can follow our pithy comments on twitter and become a fan of ETF Digest on facebook


...

Headshot David Fry xsmall

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"



Archives
Disclaimer

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
Gold1,213.703.500.29 % 16:55
WTI Crude Futr49.361.192.47 % 16:42
Index Quotes Change Change % Local
CRB224.083.131.41 % 16:28
US Dollar95.29-0.06-0.07 %16:43
Index Quotes Change Change % Local
VIX13.34-0.57-4.10 %16:14
MSCI Value Daily MTD YTD
Brazil1738.130-0.67 %1.58 % -5.14 %
Russia496.6932.59 %23.62 % 22.66 %
India538.339-0.46 %0.50 % 8.45 %
China70.0001.02 %3.65 % 6.00 %