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).
Volume was high once again but not so much as the previous 2 days. Breadth per the WSJ was positive.
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.
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.
ETF Digest was named in the Top 50 Investing Blogs.
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.
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||29.10||-0.34||-1.15 %||16:22|
|US Dollar||96.90||0.15||0.16 %||16:42|
|Brazil||953.961||0.36 %||-0.52 %||-7.94 %|
|Russia||376.088||2.60 %||-6.20 %||-7.08 %|
|India||405.432||2.63 %||-5.21 %||-11.78 %|
|China||49.561||3.54 %||-4.42 %||-16.57 %|
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|Consumer Metrics Institute|
|Global Economic Analysis|
|Jesse's Café Américain|
|Real Clear Markets|
|Shadow Government Statistics|
|The Kirk Report|
|The Progressive Farmer|