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Something’s gone haywire within the Nobel Prize committee since Obama got his and it must be only fair Putin gets one too. Meanwhile back in Ukraine, the Crimean Parliament voted to shift allegiance to Russia. Russia evidently sunk a ship to block the Ukrainian navy from entering the Black Sea. Pravda also reports Russian troops will assault units in Crimea tonight and over the weekend. I guess tensions in the Ukraine haven’t “ended” as bulls perceive.
Economic data Thursday showed a sharp drop in Jobless Claims to establish a 3-month low, 323K vs 338K expected, and prior 349K. The problem with this characterization is the outsized number of claims from the previous week. In other words, don’t put this data in the bank yet. Productivity came in at 1.8% vs 2.4% expected, and prior 3.5%, and Costs came in at -0.1% vs -0.5% expected, and prior at -2.1%, which means that labor costs are weakening. Factory Orders were still weak at -0.7% vs -0.5%, and prior -1.5%, which was easily dismissed as "weather related."
Elsewhere, the ECB left interest rates unchanged and restated the same position that all tools were still available.
Friday, of course, is the all-important Employment Report and overall markets don’t seem tense about the report or any geopolitical issue all together.
Momentum is with the bulls.
Stocks were higher and brushed off just about any negative data. The Nasdaq is at levels going back to the "Dot.com" period--such is the power of liquidity.
Leading sectors higher included: Financials (XLF), Banks (KBE), Regional Banks (KRE), Transports (IYT), Industrials (XLI), Semiconductors (SMH), Energy (IYE), Materials (XLB), Gold Miners (GDX), Gold (GLD), Euro (FXE) Silver (SLV), Oil (USO), Alternative Energy (PBW), Solar (TAN), India (EPI), EAFE (EFA), and Emerging Markets (EEM).
Leading sectors lower included: Bonds (TLT), Corporate Bonds (LQD), Russia (RSX), REITs (IYR), Homebuilders (ITB), Biotech (IBB), Healthcare (XLV) and the dollar (UUP).
Today we featured a short video on the GreenHaven Commodity Tracking ETF (GCC) from both weekly and daily chart perspectives.
Also available is the daily top 20 market movers by percent change in volume whether rising or falling.
Volume was absurdly light and breadth per the WSJ was rather mixed.
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The light volume on Thursday shows investors are waiting for Friday’s Employment Report and perhaps more Russian moves tonight in the Crimea.
Beyond the Employment Report is International Trade and Consumer Credit reports.
Let’s see what happens.
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||101.84||0.39||0.38 %||23:43|
|US Dollar||79.68||0.01||0.01 %||16:42|
|Brazil||2072.026||2.74 %||1.43 %||-6.59 %|
|Russia||635.694||-1.35 %||-7.89 %||-19.21 %|
|India||414.470||1.78 %||2.51 %||1.76 %|
|China||59.834||0.69 %||-0.97 %||-5.18 %|