It seems that a big snow day affecting less than 10% of the country is heralded as the reason markets are slow Monday.
Maybe but most traders are fully-equipped to trade from anywhere these days.
I guess fly-over country matters much to the east coast based media.
Nevertheless stocks traded along uninspired by much of anything. What would have been a negative Greek election outcome saw little reaction from the EU since ECB QE trumps such a puny member.
This will become a busy week of earnings and economic data anyway given the Fed Meeting results Wednesday. The only economic report was a negative reading from the Dallas Fed Survey which fell sharply to -4.4% vs 4% expected & prior revised lower to 3.5%. This didn’t seem to worry bulls much.
Despite crude oil prices dropping once again, supposed value buyers were buying the energy sector Monday.
Leading market sectors higher included: Energy (XLE), Oil & Gas Equipment (XES), Banks (KBE), Gold Miners (GDX), Small Caps (IWM), Transports (IYT), REITs (IYR), Homebuilders (ITB), Biotech (IBB), Small Cap Value (XBK), India (EPI), Japan (EWJ), Hedged Europe (HEDJ), Germany (EWG), Europe Pacific (VEA), Sweden (EWD), Belgium (EWK), Europe (VGK), Solar (TAN) and Base Metals (DBB).
Leading market sectors lower included: Volatility (VIX), Brazil (EWZ), Brazil Small Caps (BRF), Indonesia (IDX), Israel (EIS), Russia (EIS), Gold (GLD), Silver (SLV), Crude Oil (USO), Platinum (PPLT), and Natural Gas (UNG).
The top 20 market movers by percentage change in volume whether rising or falling is available daily.
Volume was quite light and breadth per the WSJ was positive.
There’s not much to write about Monday and the action isn’t worth a lengthy commentary.
Tuesday should get more interesting as Durable Goods Orders, S&P Case Shiller HPI, PMI Services Flash, New Home Sales, Consumer Confidence and the Richmond Fed Mfg Index will be in view not to mention more earnings reports.
Microsoft (MSFT) reported earnings after the close today that disappointed and the stock fell 3% on the news. Also Untied Technology (UTX) reported disappointments and shares dropped 2% in after-hours trading. And lastly Texas Instruments (TXN) reported earnings that beat lowered estimates but still the stock fell 1% after the news.
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.
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||45.47||0.32||0.71 %||08:44|
|US Dollar||94.52||-0.76||-0.80 %||09:03|
|Brazil||1827.897||-0.82 %||-0.24 %||-0.24 %|
|Russia||429.100||-5.26 %||5.97 %||5.97 %|
|India||543.421||0.00 %||9.47 %||9.47 %|
|China||69.549||-0.01 %||5.32 %||5.32 %|