First in overseas news, China stocks slump most in 2 weeks on glut of IPOs while European stocks were higher on stimulus expectations whenever Draghi drops a hint.
Durable Goods Orders soared 22.6% vs 5.1% expected & prior 2.7% BUT, ex-Transportation orders fell -08% vs0.3% exp & prior 0.2% (seriously misleading data given massive Boeing plane orders).
Case-Shiller Home Price Index fell -0.2% vs 0.1% expected & prior 1.1%. That was offset perhaps by Consumer Confidence 92.4 vs 89.5 exp & prior 90.3.
Meanwhile the Council on Foreign Affairs has chimed-in offering the idea that central banks should just give the population cash in lieu of QE. (Or the staid organization channels Randy Moss who famously said: “Straight cash homey”.
All this was enough to keep stocks well bid by those few still trading this last week of August.
Stocks inched higher but the S&P 500 closed above 2,000 and Small Caps managed to turn positive for the year. Investors are getting ultra-complacent.
Leading market sectors higher included: Banks (KBE), Regional Banks (KRE), Small Caps (IWM), Energy (XLE), Retail (XRT), Networking (IGN), Internet (FDN), Small Cap Value (VBR), Biotech (IBB), Brazil (EWZ), Eurozone Monetary ETF (EZU), Emerging Markets (EEM), Turkey (TUR), Israel (EIS), Spain (EWP), Gold (GLD), Gold Miners (GDX), Crude Oil (USO) and Sugar (SGG).
Leading market sectors lower included: Utilities (XLU), Industrials (XLI), Russia (RSX), Japan (EWJ) and Natural Gas (UNG)
The top 20 market movers by percentage change in volume whether rising or falling is available daily.
Volume, well there wasn’t much but just enough to produce a print. Breadth per the WSJ was positive.
There’s not much in the way of economic data Wednesday. There isn’t much to comment on other than there is no volume. On that note it’s obvious many investors were washed out on the heavy volume sell-offs of early August. The subsequent light volume indicates they haven’t come back
Let’s see what happens.
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".
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
|WTI Crude Futr||93.79||-0.07||-0.07 %||16:43|
|US Dollar||82.49||0.01||0.01 %||16:59|
|Brazil||2586.026||0.30 %||6.40 %||16.59 %|
|Russia||685.455||-0.29 %||4.04 %||-12.89 %|
|India||507.819||0.21 %||2.36 %||24.68 %|
|China||66.786||-0.27 %||1.18 %||5.84 %|