The Empire Strikes Back
0
June 28, 2016

Just Monday I stated the oversold market would see a Turnaround Tuesday reversal. Candidly speaking, I didn’t think it would be this significant. Nevertheless, the power of the empire can be strong especially when its bonus time at the end of the quarter, just two days away.

Right, I’m a cynic these days.

One thing was clear this day bulls regarded BREXIT as no big deal. After all, since it won’t have an immediate negative effect on the economy. Remember markets are short-term oriented these days. Yeah, right, I’m cynical again.

Everything that was down yesterday soared higher this day. As media struggle to find an answer to why markets rallied Tuesday the WSJ noted that “US Homeowners Would Gain by Brexif” That’s a desperate reach.

Below is the heat map from Finviz reflecting those ETF market sectors moving higher (green) and falling (red). Dependent on the day (green) may mean leveraged inverse or leveraged short (red).

6-28-2016 4-12-48 PM

Volume was high once again but not so much as the previous 2 days. Breadth per the WSJ was positive.

6-28-2016 4-13-53 PM

 

Charts of the Day
  • SPY 5 MINUTE

    SPY 5 MINUTE

  • SPX DAILY

    SPX DAILY

  • SPX WEEKLY

    SPX WEEKLY

  • INDU DAILY

    INDU DAILY

  • INDU WEEKLY

    INDU WEEKLY

  • 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.

    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 has changed due to a variety of new factors including HFTs, new VIX linked ETPs and a multitude of new products to leverage trading and change or obscure prior VIX relevance.

 

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.

Named as one of the Top 22 ETF Experts You Need To Follow on Twitter for continuing to deliver high quality analysis and commentary through the ETFDigest Twitter feed.

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Ranked #16 in the Top 25 Best ETF Newsletters in 2015.

ETF Digest was awarded 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
Gold1,212.402.600.22 % 08:15
WTI Crude Futr29.10-0.34-1.15 %16:22
Index Quotes Change Change % Local
CRB158.87-1.50-0.93 %16:28
US Dollar96.900.150.16 % 16:42
Index Quotes Change Change % Local
VIX24.11-1.29-5.08 %16:14
MSCI Value Daily MTD YTD
Brazil953.9610.36 %-0.52 %-7.94 %
Russia376.0882.60 %-6.20 %-7.08 %
India405.4322.63 %-5.21 %-11.78 %
China49.5613.54 %-4.42 %-16.57 %