Losing Streak Hits 4th Straight Day
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March 26, 2015

Stocks were weak early as selling resumed but a mid-day rally got markets positive briefly before selling resumed.

Perhaps that was some wasted buying power even as markets become short-term oversold.

Economic data was mixed overall as Jobless Claims fell to 282K vs 293K expected & prior 291K; PMI Services Index FLASH rose t 58.6 vs 57 expected & prior 57; and Kansas City Fed Mfg Index fell to contraction and a 2-year low at -4 vs 1 expected & prior 1. It’s interesting how manufacturing is slowing while service jobs increase. This is a pretty clear reflection of the growth in part time service jobs and manufacturing out sourcing overseas.

Curiously given the uncertain equity market, a two day Treasury auction was weak and driving the 10-year bond to over 2.00%. Separately the tribal fighting in Yemen has led the Saudi’s to attack the country trying to foil Iranian Shiite backed rebels from taking the country. As a result oil prices have rallied given the vulnerability of the nearby strategic strait through which millions of barrels of crude pass through.  

Several large market indexes have fallen to negative YTD performance. One would imagine bulls would try hard to erase that blemish.

Leading market sectors higher included: Oil & Gas Exploration & Production (XOP), Banks (KBE), Regional Banks (KRE), Malaysia (EWM), Philippines (EPHE), Singapore (EWS), Gold (GLD), Crude Oil (USO), Dollar (UUP) and Commodity Tracking ETF (DBC).

Leading market sectors lower included: Everything else.                           

The top 20 market movers by percentage change in volume whether rising or falling is available daily.

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3-26-2015 5-44-12 PM  Red

Volume was again heavy with most of it coming on selling into the close. Breadth per the WSJ was still negative.

3-26-2015 5-45-15 PM Diary

Charts of the Day
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  • NYMO DAILY

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    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 is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.


The big economic data point Friday is the GDP Report and lesser so, Consumer Sentiment since consumer readings are fraught with difficulty since they can be old news given current market action.

As for GDP we’ll await the Consumer Metrics Institute evaluation of the report.

Clearly with one day to go in the week and just a couple of days left in the month, bulls need to do some work. It’s notable Janet Yellen will speak on monetary policy Friday at 3:45 PM.

Let’s see what happens.

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Dave Fry is founder and publisher of ETF Digest, MarketWatch columnist 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"



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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
Gold1,198.70-6.40-0.53 %16:50
WTI Crude Futr48.32-3.11-6.05 %16:16
Index Quotes Change Change % Local
CRB215.16-4.33-1.97 %16:28
US Dollar97.620.070.07 % 16:43
Index Quotes Change Change % Local
VIX15.07-0.73-4.62 %16:14
MSCI Value Daily MTD YTD
Brazil1534.580-3.12 %-12.27 %-16.25 %
Russia473.207-1.63 %-4.11 %16.86 %
India512.508-2.88 %-6.03 %3.25 %
China69.062-0.39 %-0.94 %4.58 %