Bread And Circuses
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September 23, 2016

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9-23-2016 3-00-55 PM

“The evil was not in the bread and circuses, per se, but in the willingness of the people to sell their rights as free men for full bellies and the excitement of the games which would serve to distract them from the other human hungers which bread and circuses can never appease.”

Marcus Tullius Cicero

 

I guess we could substitute MacDonald’s and iPhones these days. The point being little has changed historically since Cicero who lived in 106 BC. That’s a depressing view of conditions perhaps then and now. Perhaps worse still is the following satirical comment from the poet Juvenal. He lived much later; the 2nd century AD:  

“The fools did not realize that they were merely recovering a portion of their property, and that their ruler could not have given them what they were receiving without having taken it from them.”

Ok, you’re thinking me a warped old man with too much time on hands. You might be right but then there’s the haunting truth that comes through these legends—nothing given greed and the lust for power changes.

How does one live with these painful realities? We must go forward given these realities and deal with the hand we’re dealt.

Meanwhile back to the markets. Stock prices dropped as oil prices cratered on beliefs an upcoming OPEC meeting won’t deliver anything meaningful to boost oil prices. Nevertheless, stocks were able to hang on to weekly gains of over 1% despite a mixed picture overall. Clearly many feel the upcoming presidential debate will do much to clear the views of the electorate. If Clinton holds on to her slight lead it would soothe fears of the establishment nothing will alter current bullish trends. Trump on the other hand remains a  wild card especially with his momentum rising.

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).

9-23-2016 3-02-03 PM

Volume Friday was impressively on the light side. Breadth per the WSJ was negative.

9-23-2016 3-07-11 PM

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

 

 

9-23-2016 3-09-14 PM USO

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    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

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    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. 

9-23-2016 5-21-30 PM

HI/LO INDICATORS MONTHLY

9-23-2016 5-22-06 PM MONTHLY 

Bread & Circuses were on my mind recently. Why? It should be obvious the ruling class, no matter their belief structure, remain in control of things. It’s telling upon reading historical precedents that nothing has changed in a thousand years even though changing generations take little note of it. Those egos are fixed on the beliefs that they can always do things better despite overwhelming evidence to the contrary.

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 in the Top 10 ETF Blogs Every Serious ETF Investor Should Read in 2016.

 

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.

 

Ranked #16 in the Top 25 Best ETF Newsletters in 2015.

 

ETF Digest was awarded one of the most informative ETF websites in the 10th Annual Global ETF Awards.

 

 

 



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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

 

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
Gold1,212.402.600.22 % 08:15
WTI Crude Futr29.10-0.34-1.15 %16:22
Index Quotes Change Change % Local
CRB158.87-1.50-0.93 %16:28
US Dollar96.900.150.16 % 16:42
Index Quotes Change Change % Local
VIX24.11-1.29-5.08 %16:14
MSCI Value Daily MTD YTD
Brazil953.9610.36 %-0.52 %-7.94 %
Russia376.0882.60 %-6.20 %-7.08 %
India405.4322.63 %-5.21 %-11.78 %
China49.5613.54 %-4.42 %-16.57 %