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Consolidation Phase Favors Bulls

Sat, 13 Jun 2009 16:40:10 GMT

Taking a look at index and sector ETF charts, most consolidated during the past week. Until price breaks out of consolidation, neither bulls nor bears hold the advantage. At the same time, the dominant trend is still higher, and support levels are generally closer to current price than are resistance levels. - SPY consolidated under the 95.00 level this week. Price has support around the 90.00 area in the form of the 50 and 200 day moving averages, which are about to cross in a bullish fashion. Last week's high was 96.11. A break above that level should squeeze the shorts. [More...]

Dave Fry's Comments for May 20

Wed, 20 May 2009 23:34:29 GMT

MARKET COMMENT May 20, 2009 Wall Street has deals to get done and they were excited about BAC’s secondary this morning. The way these things work is simple: if you’re an institution, you better play ball and buy or you’re cut out of future deals you might really like. So we opened higher amid this enthusiasm and the bad news from HPQ last night was brushed-off. That’s the way it’s been with news—front burner it, back burner it and repeat.[More...]

Dave Fry's Comments for May 11

Mon, 11 May 2009 22:42:52 GMT

MARKET COMMENT May 11, 2009 This image again?!? Yeah, well it’s another one of those Mondays. We’ve had a bunch of them over the past two months.[More...]

Dave Fry's Market Comments For April 28

Tue, 28 Apr 2009 22:25:58 GMT

MARKET COMMENT April 28, 2009 I wish my Money & Banking class in college was this easy—hell, even gym was hard by comparison to current bank stress tests. Basically it’s an open book test allowing banks to set their own evaluations on some toxic waste and hope investors take it all in stride. The false and misleading statements from CEOs like BAC CEO Ken Lewis are, in ordinary times, shocking. These days it passes for business as usual.[More...]

Dave Fry's Market Comments For April 27

Tue, 28 Apr 2009 00:59:26 GMT

MARKET COMMENT April 27, 2009 I’ve been posting this image quite a bit recently since the past few Monday’s have been busts. There wasn’t much to cheer about so using a swine flu outbreak panic was a good reason to sell. It seems there are plenty of reasons to sell: light volume, high PEs, the BS (or, what you don’t know can’t hurt you) from Fed bank “stress tests”, the big run-up we’ve had in prices, auto bankruptcies and so forth. As you can see volume remains comparatively weak while breadth was negative today.[More...]

Re-Building From The Ground Up

Sun, 19 Apr 2009 16:44:35 GMT

Although the industrial sector had a rough year in 2008, there were some sectors, like conglomerates, rails, and aerospace and defense sub-sectors, that were able to help boost some of the lagging sub-sectors that relied heavily on residential construction and business spending. The net effect was an out performance in the first three quarters of the year. In Q4 2008 and the beginning of 2009, we’ve seen the performance of the Industrials ETF, the XLI (XLI: 21.11, -0.01 (-0.05%)), significantly underperform the S&P 500 as the more attractive sub-sectors in 2008 began to plummet based on economic factors such as the expected 2010 defense report for the defense sector, and lower volumes for the railroad[More...]

Dave Fry's Market Comments For April 15

Wed, 15 Apr 2009 23:10:15 GMT

MARKET COMMENT April 15, 2009 Some talking heads were cheering the Fed’s Beige Book which offered a “glimmer” of hope that the worst was over and we’ve bottomed. More likely it was more pumping of financials led by JPM in anticipation of stronger than expected (who knew?) earnings. Look, the bulls still are in control and they’ll latch-on to whatever works for them.[More...]

Dave Fry's Market Comments For April 14

Wed, 15 Apr 2009 00:43:51 GMT

MARKET COMMENT April 14, 2009 Goldman Sachs posts great earnings last night derived primarily from its own proprietary “trading” activities. It’s easy to connect the dots between these results and using TARP money courtesy of you and me. Then they do a secondary stock offering at a relatively high price (drive the price sharply higher, then discount it) to payback taxpayers. (What?[More...]

Dave Fry's Market Comments For April 6

Tue, 07 Apr 2009 01:15:00 GMT

MARKET COMMENT April 6, 2009 One can never know which is which? All I know is when the underlying trend is bullish Monday’s are often buying opportunities as things generally improve throughout the week with perhaps some squaring-up on Friday. That’s about the boldest observation I can make today. What should drive prices this shortened week are earnings reports.[More...]

Dave Fry's Market Comments For April 1

Wed, 01 Apr 2009 22:42:00 GMT

MARKET COMMENT April 1, 2009 Well, it is April Fools Day, eh? Mr. Market is playing thoughtful investors for fools that’s for sure. You could watch futures down big last night and then this morning was the dreadful ADP jobs report and a sell-off seemed certain.[More...]

SPDR ® ETF Family Announces Impact of Receiving Settlement Payments - Business Wire

Mon, 23 Mar 2009 20:58:00 GMT

The SPDR® S&P 500 ETF (SPDR Trust, Series I, NYSE:SPY - News), The Industrial Select Sector SPDR® Fund (NYSE:XLI - News), SPDR® DJ Wilshire Large Cap Value ETF (NYSE:ELV - News) and SPDR® DJ Global Titans ETF (NYSE:DGT - News) announced today that each Fund received payments as authorized claimants from a class action settlement related to Tyco International Ltd.[More...]