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Stocks Rise Despite All Evidence To The Contrary
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March 24, 2016

3-24-2016 2-12-25 PM

Stocks opened with follow-through declines from Wednesday’s decline as dip buyers entered in the afternoon for another stick save to win a good headline for Main Street’s benefit.

More bad news is good data was featured prominently as Durable Goods Orders fell to -2.8% vs prior 4.3%. PMI Services Index was weak when viewed by Chis Williamson chief economist at Markit below:   

3-24-2016 2-13-28 PM

And, Initial Jobless Claims came in better than expected at only 265K vs prior revised to only 259K. It seems confusing to many as the chart below displays.

3-24-2016 2-13-56 PM

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).

3-24-2016 2-14-32 PM

Volume very light as investors head for away for the holidays. Breadth per the WSJ was mixed at best.

3-24-2016 2-15-26 PM

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12-17-2015 9-04-44 PM Chart of the Day

 

 

 

3-24-2016 2-24-08 PM KBE

Charts of the Day
  • SPY 5 MINUTE

    SPY 5 MINUTE

  • SPX DAILY

    SPX DAILY

  • INDU DAILY

    INDU DAILY

  • INDU WEEKLY

    INDU WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • NYMO DAILY

    NYMO DAILY

    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 has changed due to a variety of new factors including HFTs, new VIX linked ETPs and a multitude of new products to leverage trading and change or obscure prior VIX relevance. 

That’s it, I’m done for the day. Enjoy your holiday and Happy Easter.

Let’s see what happens. 

...

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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.

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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

 

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