Simon Says Take One Step Back
0
October 22, 2014

10-22-2014 6-37-28 PM Simon2

Just when you thought it was safe to go back in the water Boeing (BA) posts a negative earnings surprise and terrorists seem to have launched an attack in Ottawa, Canada. Both these items unnerved investors. Additionally, and as I noted last night, the trusty McClellan Oscillator (NYMO) was in short-term overbought territory which generally means some selling should take place.

The dollar rose, gold and commodities (especially oil) fell and stocks overall fell rather sharply with only Consumer Staples (XLP), Utilities (XLU) and other safe havens including Treasury bonds.

So as the children’s game Simon Says goes, “Simon says, take three giant steps forward. Simon Says, take one giant step backwards.” And so it goes.

Leading market sectors higher included: as I indicated above.

Leading market sectors lower included: everything else.                                                              

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

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

Volume remains heavier than over the past few months and breadth per the WSJ was negative. At least it relieved the NYMO’s overbought condition.

10-22-2014 6-50-29 PM dIARY

Charts of the Day
  • SPY 5 MINUTE

    SPY  5  MINUTE

  • SPX WEEKLY

    SPX WEEKLY

  • INDU DAILY

    INDU DAILY

  • INDU WEEKLY

    INDU WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • XLI WEEKLY

    XLI WEEKLY

  • XLB WEEKLY

    XLB WEEKLY

  • XLF WEEKLY

    XLF WEEKLY

  • XLE WEEKLY

    XLE WEEKLY

  • XLP WEEKLY

    XLP WEEKLY

  • XLU WEEKLY

    XLU WEEKLY

  • XLY WEEKLY

    XLY WEEKLY

  • XRT WEEKLY

    XRT WEEKLY

  • IYT WEEKLY

    IYT  WEEKLY

  • IBB WEEKLY

    IBB WEEKLY

  • HYG WEEKLY

    HYG 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

  • VGK WEEKLY

    VGK WEEKLY

  • EFA WEEKLY

    EFA WEEKLY

  • EEM WEEKLY

    EEM WEEKLY

  • EWC WEEKLY

    EWC WEEKLY

  • EWZ WEEKLY

    EWZ WEEKLY

  • RSX WEEKLY

    RSX WEEKLY

  • EPI WEEKLY

    EPI WEEKLY

  • GXC WEEKLY

    GXC 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.


     

 

Closing Summary

After the close of trading AT&T (T) and Yelp (YELP) reported disappointing results. Thursday Jobless Claims, FHFA House Price Index and Leading Indicators will be reported.

Let’s see what happens.

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 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
Gold1,244.002.000.16 % 23:10
WTI Crude Futr80.17-0.35-0.43 %22:36
Index Quotes Change Change % Local
CRB270.35-2.65-0.97 %17:28
US Dollar85.82-0.04-0.04 %17:00
Index Quotes Change Change % Local
VIX17.871.7911.13 % 10/22
MSCI Value Daily MTD YTD
Brazil2073.855-0.47 %-4.44 %-6.50 %
Russia575.478-1.78 %-5.83 %-26.87 %
India498.6731.18 %-0.39 %22.43 %
China62.4551.41 %1.28 % -1.03 %