There Is No Business Like Show Business!

 
7-29-2016 4-25-21 PM

This is probably one of my last days in publishing Dave’s Daily.

What do you mean “probably”?

I may continue to blog now and again. But again, nothing is certain. What is certain: I will be dealing less with premium membership and trading activity going forward.

And I’ve been this for over 40 years, sigh.

Perhaps more book writing is on the agenda.  

For many months, nay years, the ongoing “bad news is good” theme has been with us. It’s getting tiresome.

So it is for me. Friday was an end of month classic.

The GDP Report was released and was surprisingly weak at only 1.2% vs 2.5% expected. Who or which sector to blame this time? Pick one. Business Investment fell 2.2%, it’s 3 quarterly decline Gross Private Domestic Investment lost 9.7% and Residential Investment fell 6.1%. It’s not a pretty picture.  

As early trading saw stocks decline sharply they suddenly reversed. This was caused as traders thought bad economic data meant a weak dollar causing a reversal in commodities. This as early news featured a large build in Saudi oil production. The bottom line, bond prices rose causing many to think the Fed couldn’t raise interest rates given economic weakness meaning bulls were given a greenlight to go for it.

Most of the action Friday that was positive was in emerging markets, Europe and commodities. Beyond that, the usual suspects delivered except for Financials where results disappointed.

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).

7-29-2016 4-26-50 PM

Volume was anemic and breadth per the WSJ was positive.

7-29-2016 4-28-07 PM

12-17-2015 9-04-44 PM Chart of the Day
 
 
 
7-29-2016 4-34-53 PM USO


Charts of the Day


  • SPY 5 MINUTE

    SPY 5 MINUTE

  • SPX DAILY

    SPX DAILY

  • SPX WEEKLY

    SPX WEEKLY

  • INDU DAILY

    INDU DAILY

  • INDU WEEKLY

    INDU WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • XLF WEEKLY

    XLF WEEKLY

  • XLE WEEKLY

    XLE WEEKLY

  • XLY WEEKLY

    XLY WEEKLY

  • IYR WEEKLY

    IYR WEEKLY

  • IBB WEEKLY

    IBB WEEKLY

  • IYT WEEKLY

    IYT WEEKLY

  • TLT WEEKLY

    TLT WEEKLY

  • UUP WEEKLY

    UUP WEEKLY

  • FXE WEEKLY

    FXE WEEKLY

  • FXY WEEKLY

    FXY WEEKLY

  • GLD WEEKLY

    GLD WEEKLY

  • SLV WEEKLY

    SLV WEEKLY

  • DBC WEEKLY

    DBC WEEKLY

  • EEM WEEKLY

    EEM WEEKLY

  • EFA WEEKLY

    EFA WEEKLY

  • IEV WEEKLY

    IEV 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.


I Will Retire. Dave Fry


Well, it’s been a lots of fun and we’ll see you when we do.

Let’s see what happens. 

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