Markets inched higher on ultra-light volume Tuesday as investors wait for more supportive data, most notably for the FOMC policy decision that will be announced next week.
Can bulls hold things together that long? That might take a lot of "propping" since markets don’t seem to have that much patience and are more susceptible to rumors and other manipulative shenanigans.
Stocks moved lower on the day and week. Market leaders were mostly in commodity markets like Gold (GLD), Gold Miners (GDX), Gold Junior Miners (GDXJ), Silver (SLV), Oil (USO), Base Metals (DBB), Solar (TAN) & Natural Gas (UNG). You’d be hard pressed to find many equity markets moving higher except those commodity linked markets which included: Materials (XLB), Russia (RSX), South Africa (EZA), Peru (EPU), Mexico (EWW) and Brazil (EWZ). Most equity market sectors were fractionally weaker. Bonds (TLT) were stronger while the dollar (UUP) continues to weaken.
As mentioned earlier, volume was once again very light and it seems investors are just sitting this one out until they get a better sense of a Fed taper. Breadth per the WSJ was negative. Due to light volume and lack of trading conviction we’ll keep this report short.
Our staff puts together the daily top 20 ETF market movers by percentage change in volume for gainers, decliners and emerging volume.
Again, Wednesday has little in the way of economic indicators beyond MBA Purchases and Petroleum Status.
It won’t be until Thursday that any meaningful data is available.
Let’s see what happens.
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