There now is a cascade of negative news and investors are starting to get it.
The litany of this was felt much of this week. Even supposedly great Employment News Friday investors caught up with the analysis of what it was really like. Even Obama tried for a victory lap on news of a 4.9% unemployment rate. The laughable and hollow cheer was found to be BS since the data reflected terrible full time employment hiring and weak wage growth. We continue to lose full time well-paying jobs. Those jobs have taken flight given good trade deals for manufacturers and most good jobs are now off-shore.
Economic data all week was worse than disappointing. And the misleading employment report topped the cake. It used to be bad news was good for central bank easy monetary policies. But now, the jigs up.
Market sectors moving higher included: Gold (GLD), Silver (SLV), Gold Miners (GDX), Natural Gas (UNG), Volatility (VIX) and little else.
Market sectors moving lower included: 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 heavy once again on selling and breadth per the WSJ was negative.
Friday was a short day for us as we had out of town friends to entertain and tour with.
Nothing we were long, beyond gold, suffered this day.
Next week will mean probably some shorting opportunities. Let’s see if that can work out for us.
Let’s see what happens
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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