Yes, it’s true, I just can’t come up with the right theme for Monday. Forgive me a short comment.
There was some economic data today but most of it was either unremarkable or weak. For example, important income and spending data reflected good income but weak spending. Any good Keynesian wouldn’t like that data one bit. PMI Manufacturing rose slightly to 52.4 vs prior 51.2 but ISM Manufacturing stayed in recession level at 48.2 vs 48.2; and, Construction Spending was flat at 0.1%.
There’s not much to like about these reports unless you were a “bad news is good” bull.
Markets fell early but our frequent companion, the 2:15 Buy Program Express, entered the market with a “stick save” for the day. But most of that rally was gone by the close. They say the Fed’s goalie this day was Vice-Chair Stanley Fischer who stated global growth concerns were increasing but didn’t know what to do about it saying lamely,"At this point, it is difficult to judge the likely implications of this volatility.".
Some liked to point Monday Google had passed Apple in total market value but this could quickly change if these companies paid their stiff European taxes.
A more amusing note featured a report that the Global Warming Treaty will cost nearly $12 Trillion. At the same time most Americans polled noted only 9% cared about Global Warming. This will no doubt mean politicians behind the movement will probably just leave office with little being done; although, there will be plenty of scientists and universities with grants for citizens to fund.
Market sectors moving higher included: Gold (GLD), Gold Stocks (GDX), Silver (SLV), Euro (FXE) and little else.
Market sectors moving lower included: Just about everything else.
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 lighter and breadth per the WSJ was mixed.
There really wasn’t much to write about unless you count some snarky remarks to sum up the day.
There isn’t much economic data until Wednesday, but there’s always the unknown.
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.
Top 50 Investing Blogs.
Top 25 Best ETF Newslettersin 2015.
ETF Digestwas awarded one of the most informative ETF websites in the10th 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