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 Add Market Clues Blog to My Yahoo!Links: MyClues Home Page Thermopower, a breakthrough alternative energy, carbon-free and completely clean RSS Feed Market Clues Subscription Information Page Time & Cycles TFNN - Tom O'Brien T Theory - Terry Laundry Elliott Wave International's Market Report My Yahoo! Google News "The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens." ---John Maynard Keynes "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around [the banks], will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." ---Thomas Jefferson "I place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt." ---Thomas Jefferson
"I sincerely believe, with you, that banking establishments are more
dangerous than standing armies; and that the principle of spending money to be
paid by posterity, under the name of funding, is but swindling futurity on a large scale."
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Wednesday, April 30, 2008
Fed Exacerbates Recession By Cutting Rates
Today, the Federal Reserve's Open Market Committee voted, with two dissenters, to cut overnight interest rates it charges bankers. This action, supposedly to help the economy recover from the current recession, is likely to hurt the economy instead, to cause additional layoffs and to generate higher inflation. As we've explained before, lower interest rates encourage higher oil and other commodity prices through the transmission mechanism of a lower US Dollar, raising costs for both consumers and producers. Thus, lower interest rates increase the drag on the economy, prolonging and deepening the recession. Clearly, we have a Federal Reserve that's out of control as it pumps money into bankers' pockets and takes it out of the average taxpayers' pockets. The "use-by" date on the Fed has clearly expired and it's time for Congress to get rid of this obsolete institution.
The New York Times reported this afternoon:
"My view is that the Fed is back doing the silly things it did in the 1970s, of trying to make judgments that have long-term consequences based on short-term data," said Allan H. Meltzer, professor of political economy at Carnegie Mellon University. "It should get back to the period of 1985 to 2003 known as the Great Moderation."
The First Quarter GDP Report was also released Tuesday and confirmed that the economy is in recession. Final sales declined and inventories rose, indicating that goods are piling up on retailers' shelves as the consumer cuts back on their rate of consumption. Paradoxically, inventory increases add to GDP, which resulted in a positive GDP headline number. However, backing out the inventory increase, GDP would have declined. That's definitely not good news for the economy.
Finally, the ADP Employment Report for April showed that hiring has basically ground to a halt in the overall economy. Despite a modestly positive net number of new jobs reported, declines in most sectors offset gains in others. Since employment is a lagging indicator of the economy, this report simply confirms that the recession is underway.
The market initially reacted positively to all the news, but, as is often the case, the superficial news was a very thin veneer for the bad news just under the surface:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.09% | -11.81 |
| DIAMONDS TRUST SER 1 (DIA) | -0.06% | -8.01 |
| Ultra Dow30 ProShares (DDM) | -0.26% | -32.91 |
| UltraShort Dow30 ProShares (DXD) | +0.31% | +39.83 |
| S&P 500 (index) | -0.40% | -50.92 |
| S& P DEP RECEIPTS (SPY) | -0.49% | -62.74 |
| Ultra S&P500 ProShares (SSO) | -0.85% | -109.09 |
| UltraShort S&P500 ProShares (SDS) | +1.01% | +129.23 |
| NYSE Composite (index) | +0.15% | +18.92 |
| ISHARES NYSE CMP IDX (NYC) | +0.35% | +45.20 |
| S&P SmallCap 600 (index) | -0.31% | -39.84 |
| Ultra SmallCap 600 ProShares (SAA) | -0.78% | -99.67 |
| Short SmallCap 600 ProShares (SBB) | +1.01% | +129.62 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.32% | +169.27 |
| Russell 2000 (index) | -0.38% | -49.08 |
| ISHARE RUS 2000 INDX (IWM) | -0.47% | -60.81 |
| Ultra Russell 2000 ProShares (UWM) | -1.22% | -156.03 |
| UltraShort Russell 2000 ProShares (TWM) | +1.03% | +131.97 |
| NASDAQ-100 (index) | -0.75% | -96.62 |
| NASDAQ 100 TR SER I (QQQQ) | -0.82% | -105.14 |
| Ultra QQQ ProShares (QLD) | -1.54% | -196.98 |
| UltraShort QQQ ProShares (QID) | +1.78% | +228.26 |
| S&P MidCap 400 (index) | -0.13% | -16.19 |
| ISHARE SP MC 400 INX (IJH) | -0.36% | -45.91 |
| Ultra MC400 ProShares (MVV) | -0.56% | -71.40 |
| UltraShort MC400 ProShares (MZZ) | +0.50% | +63.97 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.33% | +42.24 |
| Amex Gold (index) | +2.54% | +326.19 |
| MKT VECT GOLD MNRS (GDX) | +2.42% | +310.77 |
| STREETTRACKS GOLD TR (GLD) | +0.98% | +125.61 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -2.01% | -257.82 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +2.48% | +317.62 |
| Semiconductor Sector (index) | -1.50% | -192.95 |
| Ultra Semiconductors ProShares (USD) | -3.12% | -400.19 |
| UltraShort Semiconductors ProShares (SSG) | +3.02% | +387.04 |
| ISHARE DJ FIN SC INX (IYF) | -1.09% | -140.46 |
| ISHARES LEHMAN 20 YR (TLT) | +0.72% | +93.00 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.31% | +40.42 |
| ISHARES LEH AGG FD (AGG) | +0.61% | +78.01 |
| ISHARES GS $ INVEST (LQD) | +0.56% | +71.83 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.19% | +24.68 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.81% | +104.23 |
| Short Dow30 ProShares (DOG) | +0.13% | +16.93 |
| Short S&P500 ProShares (SH) | +0.62% | +78.98 |
| Short MC400 ProShares (MYY) | +0.10% | +12.78 |
| Short SmallCap 600 ProShares (SBB) | +1.01% | +129.62 |
| Short Russell 2000 ProShares (RWM) | +0.48% | +61.36 |
| UltraShort QQQ ProShares (QID) | +1.78% | +228.26 |
| UltraShort Dow30 ProShares (DXD) | +0.31% | +39.83 |
| UltraShort S&P500 ProShares (SDS) | +1.01% | +129.23 |
| UltraShort MC400 ProShares (MZZ) | +0.50% | +63.97 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.32% | +169.27 |
| UltraShort Russell 2000 ProShares (TWM) | +1.03% | +131.97 |
| UltraShort Russell 1000 Value ProShares (SJF) | -100.00% | -12831.94 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +1.16% | +149.23 |
| UltraShort Russell MidCap Value ProShares (SJL) | +1.59% | +204.07 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +1.22% | +156.13 |
| UltraShort Russell 2000 Value ProShares (SJH) | +0.84% | +107.78 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +1.16% | +149.13 |
| UltraShort Basic Materials ProShares (SMN) | -2.14% | -275.19 |
| UltraShort Consumer Goods ProShares (SZK) | +0.55% | +70.29 |
| UltraShort Consumer Services ProShares (SCC) | +1.92% | +246.83 |
| UltraShort Financials ProShares (SKF) | +1.90% | +244.41 |
| UltraShort Health Care ProShares (RXD) | -0.73% | -93.10 |
| UltraShort Industrials ProShares (SIJ) | +0.93% | +119.17 |
| UltraShort Oil & Gas ProShares (DUG) | -2.10% | -269.68 |
| UltraShort Real Estate ProShares (SRS) | +3.44% | +441.95 |
| UltraShort Semiconductors ProShares (SSG) | +3.02% | +387.04 |
| UltraShort Technology ProShares (REW) | +1.67% | +214.61 |
| UltraShort Utilities ProShares (SDP) | +0.17% | +21.23 |
| Short MSCI Emerging Markets ProShares (EUM) | -2.30% | -295.77 |
| Short MSCI EAFE ProShares (EFZ) | -0.54% | -68.70 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.87% | -111.08 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -3.55% | -455.75 |
| UltraShort MSCI Japan ProShares (EWV) | -0.43% | -54.84 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -2.76% | -353.71 |
| Ultra QQQ ProShares (QLD) | -1.54% | -196.98 |
| Ultra Dow30 ProShares (DDM) | -0.26% | -32.91 |
| Ultra S&P500 ProShares (SSO) | -0.85% | -109.09 |
| Ultra MC400 ProShares (MVV) | -0.56% | -71.40 |
| Ultra SmallCap 600 ProShares (SAA) | -0.78% | -99.67 |
| Ultra Russell 2000 ProShares (UWM) | -1.22% | -156.03 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.82% | -104.72 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.80% | -102.17 |
| Ultra Russell MidCap Value ProShares (UVU) | -100.00% | -12831.94 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.82% | -104.58 |
| Ultra Russell 2000 Value ProShares (UVT) | -1.22% | -156.82 |
| Ultra Russell2000 Growth ProShares (UKK) | -0.66% | -84.92 |
| Ultra Basic Materials ProShares (UYM) | +1.59% | +203.75 |
| Ultra Consumer Goods ProShares (UGE) | -0.14% | -17.75 |
| Ultra Consumer Services ProShares (UCC) | -1.49% | -191.21 |
| Ultra Financials ProShares (UYG) | -1.95% | -250.64 |
| Ultra Health Care ProShares (RXL) | -0.85% | -108.82 |
| Ultra Industrials ProShares (UXI) | -0.77% | -98.20 |
| Ultra Oil & Gas ProShares (DIG) | +2.02% | +259.04 |
| Ultra Real Estate ProShares (URE) | -3.07% | -394.57 |
| Ultra Semiconductors ProShares (USD) | -3.12% | -400.19 |
| Ultra Technology ProShares (ROM) | -1.64% | -210.75 |
| Ultra Utilities ProShares (UPW) | +0.42% | +53.65 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Tuesday, April 29, 2008
Quiet Trading As the Storm Approaches
Wall Street was in the doldrums Tuesday as traders awaited interest rate moves on the part of the FOMC (Federal Open Market Committee), due to be released around 2:15pm EDT Wednesday afternoon, following the FOMC's meeting. The consensus was that the Fed would cut 25 more basis points (¼%) and announce that they were finished for now. Undoubtedly, the statement text will be parsed and analyzed painstakingly as volatility reigns after the release. Usually, the initial direction is not the ultimate direction the market takes. Often, it takes several hours, or even days, for the market to decide what the implications are for Fed policy.
So, sit back and relax until Wednesday afternoon, for the market day is likely to be a real opportunity to catch up on your reading, etc., until after the announcement:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.31% | -39.81 |
| DIAMONDS TRUST SER 1 (DIA) | -0.40% | -52.01 |
| Ultra Dow30 ProShares (DDM) | -0.70% | -90.15 |
| UltraShort Dow30 ProShares (DXD) | +0.72% | +93.05 |
| S&P 500 (index) | -0.39% | -50.05 |
| S& P DEP RECEIPTS (SPY) | -0.37% | -47.03 |
| Ultra S&P500 ProShares (SSO) | -0.91% | -117.17 |
| UltraShort S&P500 ProShares (SDS) | +0.81% | +103.64 |
| NYSE Composite (index) | -0.68% | -87.70 |
| ISHARES NYSE CMP IDX (NYC) | -0.63% | -81.10 |
| S&P SmallCap 600 (index) | -0.89% | -115.12 |
| Ultra SmallCap 600 ProShares (SAA) | -1.60% | -206.14 |
| Short SmallCap 600 ProShares (SBB) | +0.84% | +107.76 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.50% | +192.50 |
| Russell 2000 (index) | -0.93% | -119.25 |
| ISHARE RUS 2000 INDX (IWM) | -0.88% | -113.81 |
| Ultra Russell 2000 ProShares (UWM) | -1.63% | -210.17 |
| UltraShort Russell 2000 ProShares (TWM) | +1.69% | +217.87 |
| NASDAQ-100 (index) | +0.61% | +78.97 |
| NASDAQ 100 TR SER I (QQQQ) | +0.76% | +98.09 |
| Ultra QQQ ProShares (QLD) | +1.13% | +145.91 |
| UltraShort QQQ ProShares (QID) | -1.35% | -173.98 |
| S&P MidCap 400 (index) | -0.66% | -85.40 |
| ISHARE SP MC 400 INX (IJH) | -0.57% | -73.26 |
| Ultra MC400 ProShares (MVV) | -1.02% | -131.40 |
| UltraShort MC400 ProShares (MZZ) | +1.14% | +146.63 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -1.91% | -245.57 |
| Amex Gold (index) | -4.32% | -555.53 |
| MKT VECT GOLD MNRS (GDX) | -4.62% | -594.66 |
| STREETTRACKS GOLD TR (GLD) | -2.14% | -275.96 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +4.87% | +626.91 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -5.39% | -693.33 |
| Semiconductor Sector (index) | +0.19% | +24.41 |
| Ultra Semiconductors ProShares (USD) | +0.70% | +90.36 |
| UltraShort Semiconductors ProShares (SSG) | -0.75% | -96.33 |
| ISHARE DJ FIN SC INX (IYF) | -0.43% | -55.53 |
| ISHARES LEHMAN 20 YR (TLT) | +0.38% | +48.92 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.18% | +23.21 |
| ISHARES LEH AGG FD (AGG) | +0.15% | +18.96 |
| ISHARES GS $ INVEST (LQD) | +0.31% | +40.43 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.02% | -3.09 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.44% | -56.57 |
| Short Dow30 ProShares (DOG) | +0.31% | +40.45 |
| Short S&P500 ProShares (SH) | +0.27% | +34.63 |
| Short MC400 ProShares (MYY) | +0.60% | +77.40 |
| Short SmallCap 600 ProShares (SBB) | +0.84% | +107.76 |
| Short Russell 2000 ProShares (RWM) | +0.87% | +112.11 |
| UltraShort QQQ ProShares (QID) | -1.35% | -173.98 |
| UltraShort Dow30 ProShares (DXD) | +0.72% | +93.05 |
| UltraShort S&P500 ProShares (SDS) | +0.81% | +103.64 |
| UltraShort MC400 ProShares (MZZ) | +1.14% | +146.63 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.50% | +192.50 |
| UltraShort Russell 2000 ProShares (TWM) | +1.69% | +217.87 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.84% | +108.38 |
| UltraShort Russell MidCap Value ProShares (SJL) | +1.22% | +156.97 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +0.62% | +79.77 |
| UltraShort Russell 2000 Value ProShares (SJH) | +1.92% | +246.83 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +1.69% | +217.57 |
| UltraShort Basic Materials ProShares (SMN) | +6.71% | +863.50 |
| UltraShort Consumer Goods ProShares (SZK) | +0.46% | +59.65 |
| UltraShort Consumer Services ProShares (SCC) | -1.76% | -226.91 |
| UltraShort Financials ProShares (SKF) | +1.00% | +128.39 |
| UltraShort Health Care ProShares (RXD) | +1.64% | +211.12 |
| UltraShort Industrials ProShares (SIJ) | +1.08% | +139.07 |
| UltraShort Oil & Gas ProShares (DUG) | +3.31% | +425.44 |
| UltraShort Real Estate ProShares (SRS) | +2.60% | +334.82 |
| UltraShort Semiconductors ProShares (SSG) | -0.75% | -96.33 |
| UltraShort Technology ProShares (REW) | -1.32% | -170.36 |
| UltraShort Utilities ProShares (SDP) | +1.45% | +187.28 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.95% | +250.56 |
| Short MSCI EAFE ProShares (EFZ) | +0.80% | +102.46 |
| UltraShort MSCI EAFE ProShares (EFU) | +1.84% | +237.11 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +3.73% | +479.88 |
| UltraShort MSCI Japan ProShares (EWV) | +1.53% | +196.39 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +0.23% | +29.64 |
| Ultra QQQ ProShares (QLD) | +1.13% | +145.91 |
| Ultra Dow30 ProShares (DDM) | -0.70% | -90.15 |
| Ultra S&P500 ProShares (SSO) | -0.91% | -117.17 |
| Ultra MC400 ProShares (MVV) | -1.02% | -131.40 |
| Ultra SmallCap 600 ProShares (SAA) | -1.60% | -206.14 |
| Ultra Russell 2000 ProShares (UWM) | -1.63% | -210.17 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.22% | -156.86 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.62% | -79.44 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.69% | -89.30 |
| Ultra Russell 2000 Value ProShares (UVT) | -1.62% | -208.33 |
| Ultra Russell2000 Growth ProShares (UKK) | -1.84% | -236.51 |
| Ultra Basic Materials ProShares (UYM) | -6.41% | -825.70 |
| Ultra Consumer Goods ProShares (UGE) | -1.48% | -190.95 |
| Ultra Consumer Services ProShares (UCC) | +1.68% | +216.40 |
| Ultra Financials ProShares (UYG) | -0.91% | -117.01 |
| Ultra Health Care ProShares (RXL) | -1.53% | -197.06 |
| Ultra Industrials ProShares (UXI) | -1.08% | -138.95 |
| Ultra Oil & Gas ProShares (DIG) | -3.28% | -422.76 |
| Ultra Real Estate ProShares (URE) | -2.60% | -335.20 |
| Ultra Semiconductors ProShares (USD) | +0.70% | +90.36 |
| Ultra Technology ProShares (ROM) | +1.05% | +135.03 |
| Ultra Utilities ProShares (UPW) | -1.88% | -241.87 |
We found this article of interest Tuesday on what may lie ahead:
Caution: Mortgage Explosions Just Starting (And More)
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Monday, April 28, 2008
Lots of Talk, Little Action as Stagflation Predominates
It seems like Nero fiddling while Rome burns. The most-advertised recession of all time has come without any of the talking heads in Washington having done anything to actually prevent it. And, it appears that the politicians have done everything to actually cause a recession instead of preventing one.
The bush in the White House talks about tax rebates going out to help consumers spend our way out of recession, but the first of those checks was delayed for five months after the recession began back in December 2007. That obviously hasn't helped. Since the rebates were approved, gasoline and food price increases are expected eat up the rebate.
"It's galling to think that taxpayers' stimulus checks will be lining the pockets of OPEC. The sad truth is that the average American family will spend almost their entire stimulus check on higher gas prices this year," said Sen. Charles Schumer, D-N.Y., chairman of the Joint Economic Committee of Congress.
In addition, the bush and his fellow-travelers in Congress pushed through legislation requiring diversion of substantial quantities of our Corn crop to Ethanol production, causing food prices to skyrocket, all in the name of reducing the cost of importing oil. Instead, both energy and food prices have gone through the roof.
At the same time, the Fed has been slashing rates and bailing out their own constituency (money center banks), but the rate cuts have actually helped push the economy into recession instead of helping the average citizen. How is that, you ask? First of all, the Fed actually wanted and engineered a recession by keeping interest rates too high last year. We explained this to you before it happened. The economy responded to the Fed's tightness by slowing and tipping toward recession. So, the fact that the economy dipped into recession was certainly no surprise either to you or to the central planners at the Federal Reserve Bank. They got exactly what they wanted.
What they didn't count on was the malfeasance in the subprime mortgage industry and the effect of too-high interest rates in collapsing that House of Cards. Once they realized they might have started another Great Depression (the last one they caused was in the 'Thirties), they started slashing rates and bailing out their constituency, the banks. Loaning banks money at 2% interest rates certainly helped the banks' bottom lines, as well as promising that the American taxpayer would indemnify them against losses, but did nothing for consumers, who saw no reduction in the rates they saw. Credit-worthy borrowers, in fact, who could have easily gotten loans a year ago are now being denied credit on the premise that "credit standards have been tightened." Those lower rates in fact had the perverse effect of boosting oil and other commodity prices as investors rushed to buy commodities as an inflation hedge against the falling US Dollar. Exorbitant energy prices squeezed consumers already reeling from food price inflation.
Since the Fed bailed out Bear Stearns (an investment bank), 259,000 homes have been foreclosed upon. Where is the Fed when they are really needed?
If this is the best we can get from the Fed, why do we need them at all? They play games with our money, debasing it and then promising it to their banking friends in case they lose it. All the while, taxpayers are given short shrift by the bankers and lose their homes.
We now have a severe stagflation problem with inflation running at 8% per year and the economy's growth rate in decline. (You don't actually believe the government on inflation figures, now do you? The government has a vested interest in lying about inflation.) As business leaders realized last year that there would be a recession ahead, they canceled orders, stopped hiring and initiated layoffs. The perfect storm that the Fed didn't believe would happen, did happen. Every rate cut they have made has raised the cost of energy, which is basically a deflationary force, but boosted inflation in the commodity markets at the same time. Lower interest rates have not filtered down to consumers, most of whom have seen credit card rates rise and home equity lines of credit shrink due to falling valuations.
On Wednesday, the FOMC (Federal Open Market Committee) meets again to decide whether this madness should continue with yet another rate cut. If they're smart (no, really, some of them might have a few brain cells left), they will stop cutting and start talking about the dangers of inflation. We will see, but we are not optimistic they will make the right decision.
The bush in the White House is now planning to lead the country's future, its young people, into yet another war in the MidEast in the name of "freedom." It's about time the citizens of this country stood up and refused to participate in the evilness of this bush and his band of cronies, both Democrats and Republicans, in Washington. And, considering how badly the Fed has done its job, it's probably time to consider repealing the statute which created this public-private entity, which at its heart violates the Constitution, which prohibits the government from ever printing money. The question remains as to whether there is any credible alternative to the Fed that would not be susceptible to takeover from the politicians.
Sell in May and Go Away?
One of the best long term trading strategies for those who don't want to actively trade the market day-to-day is the simplest: sell everything on May 1st, and buy it all back on October 1st. The returns from October to May beat the returns from May to October by hundreds of percentage points over the long term. For example, if you contribute to a 401-k retirement plan (or an IRA), and don't actively trade that account, this week is a perfect opportunity to simply sell equities and park that money in a money market account. In five months, it will be time to get back into the market. Call it a "summer vacation" for your money as it sits safe and sound from the whipsaws of the stock market.
But, if you're a trader (and, these days, most people are traders or they gave up on the stock market long ago), there should be some great opportunities ahead.
The stock market continued to decline Monday as the trip to the bottom of the trading range has begun:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.16% | -20.11 |
| DIAMONDS TRUST SER 1 (DIA) | +0.04% | +5.01 |
| Ultra Dow30 ProShares (DDM) | -0.08% | -9.84 |
| UltraShort Dow30 ProShares (DXD) | +0.12% | +15.13 |
| S&P 500 (index) | -0.08% | -9.87 |
| S& P DEP RECEIPTS (SPY) | +0.05% | +6.47 |
| Ultra S&P500 ProShares (SSO) | -0.03% | -3.50 |
| UltraShort S&P500 ProShares (SDS) | -0.09% | -11.27 |
| NYSE Composite (index) | +0.06% | +7.31 |
| ISHARES NYSE CMP IDX (NYC) | +0.13% | +16.57 |
| S&P SmallCap 600 (index) | +0.56% | +72.00 |
| Ultra SmallCap 600 ProShares (SAA) | +1.31% | +168.75 |
| Short SmallCap 600 ProShares (SBB) | -0.67% | -85.77 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.46% | -188.18 |
| Russell 2000 (index) | +0.41% | +52.49 |
| ISHARE RUS 2000 INDX (IWM) | +0.67% | +86.06 |
| Ultra Russell 2000 ProShares (UWM) | +1.27% | +163.60 |
| UltraShort Russell 2000 ProShares (TWM) | -1.62% | -209.43 |
| NASDAQ-100 (index) | +0.30% | +38.66 |
| NASDAQ 100 TR SER I (QQQQ) | +0.19% | +24.61 |
| Ultra QQQ ProShares (QLD) | +0.45% | +57.44 |
| UltraShort QQQ ProShares (QID) | -0.54% | -69.93 |
| S&P MidCap 400 (index) | +0.20% | +25.82 |
| ISHARE SP MC 400 INX (IJH) | +0.32% | +41.40 |
| Ultra MC400 ProShares (MVV) | +0.47% | +60.89 |
| UltraShort MC400 ProShares (MZZ) | -0.56% | -71.82 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.53% | +68.47 |
| Amex Gold (index) | -0.99% | -127.70 |
| MKT VECT GOLD MNRS (GDX) | -0.58% | -74.73 |
| STREETTRACKS GOLD TR (GLD) | +0.48% | +62.04 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -1.23% | -158.34 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +1.52% | +196.17 |
| Semiconductor Sector (index) | -0.22% | -28.67 |
| Ultra Semiconductors ProShares (USD) | -1.31% | -169.23 |
| UltraShort Semiconductors ProShares (SSG) | +0.98% | +126.45 |
| ISHARE DJ FIN SC INX (IYF) | +0.01% | +1.46 |
| ISHARES LEHMAN 20 YR (TLT) | +0.30% | +39.31 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.18% | +23.29 |
| ISHARES LEH AGG FD (AGG) | +0.25% | +31.73 |
| ISHARES GS $ INVEST (LQD) | +0.48% | +61.64 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.11% | +13.96 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.26% | -33.91 |
| Short Dow30 ProShares (DOG) | +0.22% | +27.78 |
| Short S&P500 ProShares (SH) | +0.17% | +22.48 |
| Short MC400 ProShares (MYY) | -0.23% | -30.08 |
| Short SmallCap 600 ProShares (SBB) | -0.67% | -85.77 |
| Short Russell 2000 ProShares (RWM) | -0.51% | -65.31 |
| UltraShort QQQ ProShares (QID) | -0.54% | -69.93 |
| UltraShort Dow30 ProShares (DXD) | +0.12% | +15.13 |
| UltraShort S&P500 ProShares (SDS) | -0.09% | -11.27 |
| UltraShort MC400 ProShares (MZZ) | -0.56% | -71.82 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.46% | -188.18 |
| UltraShort Russell 2000 ProShares (TWM) | -1.62% | -209.43 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.38% | -48.96 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.23% | -29.01 |
| UltraShort Russell MidCap Value ProShares (SJL) | -3.13% | -403.58 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -0.21% | -27.22 |
| UltraShort Russell 2000 Value ProShares (SJH) | -1.25% | -161.29 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -1.13% | -145.38 |
| UltraShort Basic Materials ProShares (SMN) | +3.27% | +421.52 |
| UltraShort Consumer Goods ProShares (SZK) | -0.43% | -55.77 |
| UltraShort Consumer Services ProShares (SCC) | -0.44% | -56.20 |
| UltraShort Financials ProShares (SKF) | -0.24% | -31.41 |
| UltraShort Health Care ProShares (RXD) | -0.97% | -124.99 |
| UltraShort Industrials ProShares (SIJ) | -0.14% | -18.24 |
| UltraShort Oil & Gas ProShares (DUG) | +0.65% | +84.10 |
| UltraShort Real Estate ProShares (SRS) | -0.18% | -23.68 |
| UltraShort Semiconductors ProShares (SSG) | +0.98% | +126.45 |
| UltraShort Technology ProShares (REW) | +0.82% | +106.19 |
| UltraShort Utilities ProShares (SDP) | +0.36% | +45.85 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.22% | +28.74 |
| Short MSCI EAFE ProShares (EFZ) | -0.99% | -127.44 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.95% | -122.65 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.21% | +26.55 |
| UltraShort MSCI Japan ProShares (EWV) | -3.52% | -454.39 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +0.74% | +95.69 |
| Ultra QQQ ProShares (QLD) | +0.45% | +57.44 |
| Ultra Dow30 ProShares (DDM) | -0.08% | -9.84 |
| Ultra S&P500 ProShares (SSO) | -0.03% | -3.50 |
| Ultra MC400 ProShares (MVV) | +0.47% | +60.89 |
| Ultra SmallCap 600 ProShares (SAA) | +1.31% | +168.75 |
| Ultra Russell 2000 ProShares (UWM) | +1.27% | +163.60 |
| Ultra Russell 1000 Value ProShares (UVG) | +2.22% | +286.60 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.33% | -42.70 |
| Ultra Russell MidCap Value ProShares (UVU) | -100.00% | -12891.86 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.26% | +34.16 |
| Ultra Russell 2000 Value ProShares (UVT) | +0.23% | +29.88 |
| Ultra Russell2000 Growth ProShares (UKK) | +0.84% | +108.58 |
| Ultra Basic Materials ProShares (UYM) | -2.46% | -317.13 |
| Ultra Consumer Goods ProShares (UGE) | +1.16% | +150.04 |
| Ultra Consumer Services ProShares (UCC) | +0.40% | +51.04 |
| Ultra Financials ProShares (UYG) | +0.18% | +22.72 |
| Ultra Health Care ProShares (RXL) | +0.56% | +72.17 |
| Ultra Industrials ProShares (UXI) | +1.83% | +235.57 |
| Ultra Oil & Gas ProShares (DIG) | -0.75% | -96.89 |
| Ultra Real Estate ProShares (URE) | +0.13% | +16.81 |
| Ultra Semiconductors ProShares (USD) | -1.31% | -169.23 |
| Ultra Technology ProShares (ROM) | -0.73% | -94.17 |
| Ultra Utilities ProShares (UPW) | +0.77% | +99.71 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Sunday, April 27, 2008
Gearing Up For a New War
The buzz coming out of Washington indicates the Administration is steering the campaign for re-election using the tools which have worked so well over the last seven years. That is to say: War. With the economy still retreating into a deeper recession, the Republicans are falling back to that old tried-and-true technique of stirring up the pot to start another war in the Middle East. This time, it's going to be a war with Iran and/or Syria. Word out of Washington Friday was that plans for going to war are being drawn up by the Pentagon. Although no definite timetable is currently under public discussion, it's safe to assume that the war is, or massive preparations for war are, more likely to start before the Fall Elections. Fear sells. Politicians and the incumbent party always get re-elected during times of war. With McCain the obvious Presidential choice in a time of impending war for the majority of voters, it could well turn out to be a landslide victory for the Republicans, including House and Senate races where the Republican party had been expected to lose to the Democrats. In fact, a return to a Republican majority in both houses of Congress may be the ultimate goal for the central planners.
Our investment strategy for dealing with the markets last week was virtually a perfect strategy. The stock and bond markets waffled through the week, testing overhead resistance, but making essentially no progress whatsoever to the upside, or to the downside for that matter, for the week just past:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.33% | +42.50 |
| DIAMONDS TRUST SER 1 (DIA) | +0.55% | +70.30 |
| Ultra Dow30 ProShares (DDM) | +0.92% | +118.81 |
| UltraShort Dow30 ProShares (DXD) | -1.12% | -144.15 |
| S&P 500 (index) | +0.52% | +66.72 |
| S& P DEP RECEIPTS (SPY) | +0.75% | +96.50 |
| Ultra S&P500 ProShares (SSO) | +1.42% | +182.32 |
| UltraShort S&P500 ProShares (SDS) | -1.48% | -190.39 |
| NYSE Composite (index) | +0.37% | +47.02 |
| ISHARES NYSE CMP IDX (NYC) | +0.40% | +51.24 |
| S&P SmallCap 600 (index) | +0.30% | +38.18 |
| Ultra SmallCap 600 ProShares (SAA) | +0.56% | +71.47 |
| Short SmallCap 600 ProShares (SBB) | -0.76% | -97.21 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.85% | -109.07 |
| Russell 2000 (index) | +0.19% | +24.96 |
| ISHARE RUS 2000 INDX (IWM) | +0.32% | +41.24 |
| Ultra Russell 2000 ProShares (UWM) | +0.95% | +122.21 |
| UltraShort Russell 2000 ProShares (TWM) | -0.81% | -103.53 |
| NASDAQ-100 (index) | +0.90% | +115.89 |
| NASDAQ 100 TR SER I (QQQQ) | +0.94% | +121.04 |
| Ultra QQQ ProShares (QLD) | +1.96% | +251.31 |
| UltraShort QQQ ProShares (QID) | -2.19% | -281.59 |
| S&P MidCap 400 (index) | +1.09% | +140.39 |
| ISHARE SP MC 400 INX (IJH) | +1.23% | +157.81 |
| Ultra MC400 ProShares (MVV) | +3.06% | +393.16 |
| UltraShort MC400 ProShares (MZZ) | -3.03% | -388.74 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.96% | -123.91 |
| Amex Gold (index) | -9.29% | -1193.63 |
| MKT VECT GOLD MNRS (GDX) | -9.16% | -1176.41 |
| STREETTRACKS GOLD TR (GLD) | -3.70% | -475.01 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +7.60% | +976.44 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -7.52% | -966.24 |
| Semiconductor Sector (index) | +3.67% | +471.30 |
| Ultra Semiconductors ProShares (USD) | +3.90% | +501.41 |
| UltraShort Semiconductors ProShares (SSG) | -4.26% | -547.92 |
| ISHARE DJ FIN SC INX (IYF) | +1.89% | +242.30 |
| ISHARES LEHMAN 20 YR (TLT) | -1.02% | -131.58 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.93% | -119.30 |
| ISHARES LEH AGG FD (AGG) | -0.41% | -52.91 |
| ISHARES GS $ INVEST (LQD) | -0.32% | -41.64 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.32% | -41.60 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -1.01% | -129.36 |
| Short Dow30 ProShares (DOG) | -0.48% | -61.47 |
| Short S&P500 ProShares (SH) | -0.52% | -66.87 |
| Short MC400 ProShares (MYY) | -0.88% | -112.49 |
| Short SmallCap 600 ProShares (SBB) | -0.76% | -97.21 |
| Short Russell 2000 ProShares (RWM) | -0.21% | -27.35 |
| UltraShort QQQ ProShares (QID) | -2.19% | -281.59 |
| UltraShort Dow30 ProShares (DXD) | -1.12% | -144.15 |
| UltraShort S&P500 ProShares (SDS) | -1.48% | -190.39 |
| UltraShort MC400 ProShares (MZZ) | -3.03% | -388.74 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.85% | -109.07 |
| UltraShort Russell 2000 ProShares (TWM) | -0.81% | -103.53 |
| UltraShort Russell 1000 Value ProShares (SJF) | -1.81% | -233.16 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.45% | -57.57 |
| UltraShort Russell MidCap Value ProShares (SJL) | +2.06% | +264.92 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -1.76% | -226.56 |
| UltraShort Russell 2000 Value ProShares (SJH) | +1.15% | +147.96 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -1.87% | -239.85 |
| UltraShort Basic Materials ProShares (SMN) | +0.88% | +113.30 |
| UltraShort Consumer Goods ProShares (SZK) | +1.51% | +193.72 |
| UltraShort Consumer Services ProShares (SCC) | -1.65% | -211.67 |
| UltraShort Financials ProShares (SKF) | -3.64% | -467.66 |
| UltraShort Health Care ProShares (RXD) | -0.85% | -109.08 |
| UltraShort Industrials ProShares (SIJ) | -0.39% | -49.80 |
| UltraShort Oil & Gas ProShares (DUG) | +1.56% | +200.04 |
| UltraShort Real Estate ProShares (SRS) | -4.87% | -625.78 |
| UltraShort Semiconductors ProShares (SSG) | -4.26% | -547.92 |
| UltraShort Technology ProShares (REW) | -2.14% | -275.51 |
| UltraShort Utilities ProShares (SDP) | +1.14% | +145.96 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.31% | -39.27 |
| Short MSCI EAFE ProShares (EFZ) | -0.07% | -8.58 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.80% | -102.99 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -1.35% | -173.39 |
| UltraShort MSCI Japan ProShares (EWV) | -1.41% | -181.34 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -15.14% | -1945.70 |
| Ultra QQQ ProShares (QLD) | +1.96% | +251.31 |
| Ultra Dow30 ProShares (DDM) | +0.92% | +118.81 |
| Ultra S&P500 ProShares (SSO) | +1.42% | +182.32 |
| Ultra MC400 ProShares (MVV) | +3.06% | +393.16 |
| Ultra SmallCap 600 ProShares (SAA) | +0.56% | +71.47 |
| Ultra Russell 2000 ProShares (UWM) | +0.95% | +122.21 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.67% | -85.61 |
| Ultra Russell 1000 Growth ProShares (UKF) | +1.28% | +164.21 |
| Ultra Russell MidCap Value ProShares (UVU) | -100.00% | -12849.36 |
| Ultra Russell MidCap Growth ProShares (UKW) | +1.48% | +190.04 |
| Ultra Russell 2000 Value ProShares (UVT) | -0.55% | -71.07 |
| Ultra Russell2000 Growth ProShares (UKK) | +1.87% | +240.08 |
| Ultra Basic Materials ProShares (UYM) | -2.78% | -357.03 |
| Ultra Consumer Goods ProShares (UGE) | -1.75% | -224.27 |
| Ultra Consumer Services ProShares (UCC) | +2.19% | +281.83 |
| Ultra Financials ProShares (UYG) | +3.37% | +433.12 |
| Ultra Health Care ProShares (RXL) | +1.67% | +214.84 |
| Ultra Industrials ProShares (UXI) | -0.61% | -78.39 |
| Ultra Oil & Gas ProShares (DIG) | -1.80% | -231.92 |
| Ultra Real Estate ProShares (URE) | +4.64% | +596.01 |
| Ultra Semiconductors ProShares (USD) | +3.90% | +501.41 |
| Ultra Technology ProShares (ROM) | +1.95% | +250.43 |
| Ultra Utilities ProShares (UPW) | -1.63% | -209.02 |
Yes, the trading range continues to chop sideways with no trend. What will next week bring? Glad you asked! Follow the link below:
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Thursday, April 24, 2008
Bumping Up Against Resistance
The stock market advanced modestly Thursday while bonds dipped. This inverted relationship between bonds and stocks has been a fixture of the market since 2001 and indicates that there is a constant tug-o-war between them for investment funds. When the credit crunch tightens up, funds flee from stocks and move into bonds. When the crunch loosens, funds move back into stocks. But, overall, both markets have been treading water sideways and only those who day-trade or use income-generating strategies are happy with this market.
Lately, the market has been working off the theory that tech is immune to the current recession. That is quite an excellent example of wishful thinking, of course, but it certainly doesn't apply to Microsoft. That battered and beaten giant reported Thursday that sales of its flagship software application program, Windows, dropped by about 25% in its latest quarter. The drop was due to Vista, another giant mistake on the part of the Redmond geeks. Most users report that their programs, if they run at all on Vista, run very, very slowly. The geeks have done a good job of making it easy for users to justify switching to Apple. Anyone who looks at the stock charts can see that Microsoft has abandoned its market. Since it peaked in 1999, the stock has declined 46%. Apple, on the other hand, has risen about 550% in that same period of time. So, while the theory that tech is immune to a recession is likely a huge overgeneralization, it may apply to isolated cases. But, companies like Microsoft, whose shares fell 5% after confessing its problems, are not the rule. Mismanagement and business practices that have always seen the rule of law as something to be misused always will catch out the thief in the end.
The market was volatile in a narrow range Thursday, ending slightly up for the day:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.67% | +85.73 |
| DIAMONDS TRUST SER 1 (DIA) | +0.59% | +75.14 |
| Ultra Dow30 ProShares (DDM) | +1.23% | +157.26 |
| UltraShort Dow30 ProShares (DXD) | -1.19% | -151.68 |
| S&P 500 (index) | +0.51% | +64.65 |
| S& P DEP RECEIPTS (SPY) | +0.53% | +67.68 |
| Ultra S&P500 ProShares (SSO) | +1.03% | +131.69 |
| UltraShort S&P500 ProShares (SDS) | -1.06% | -134.69 |
| NYSE Composite (index) | +0.14% | +17.87 |
| ISHARES NYSE CMP IDX (NYC) | +0.25% | +31.64 |
| S&P SmallCap 600 (index) | +1.40% | +178.53 |
| Ultra SmallCap 600 ProShares (SAA) | +2.70% | +345.22 |
| Short SmallCap 600 ProShares (SBB) | -1.66% | -212.46 |
| UltraShort SmallCap 600 ProShares (SDD) | -2.93% | -374.08 |
| Russell 2000 (index) | +1.18% | +150.50 |
| ISHARE RUS 2000 INDX (IWM) | +0.96% | +123.02 |
| Ultra Russell 2000 ProShares (UWM) | +1.68% | +213.82 |
| UltraShort Russell 2000 ProShares (TWM) | -2.30% | -293.62 |
| NASDAQ-100 (index) | +0.54% | +68.41 |
| NASDAQ 100 TR SER I (QQQQ) | +0.90% | +114.42 |
| Ultra QQQ ProShares (QLD) | +1.52% | +194.40 |
| UltraShort QQQ ProShares (QID) | -1.51% | -192.48 |
| S&P MidCap 400 (index) | +0.77% | +98.13 |
| ISHARE SP MC 400 INX (IJH) | +0.56% | +71.24 |
| Ultra MC400 ProShares (MVV) | +0.52% | +66.32 |
| UltraShort MC400 ProShares (MZZ) | -1.23% | -156.40 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -1.69% | -215.32 |
| Amex Gold (index) | -4.13% | -527.31 |
| MKT VECT GOLD MNRS (GDX) | -3.93% | -501.11 |
| STREETTRACKS GOLD TR (GLD) | -2.24% | -286.11 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +4.27% | +544.85 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -4.58% | -584.09 |
| Semiconductor Sector (index) | +1.45% | +185.25 |
| Ultra Semiconductors ProShares (USD) | +2.55% | +324.87 |
| UltraShort Semiconductors ProShares (SSG) | -3.32% | -423.18 |
| ISHARE DJ FIN SC INX (IYF) | +3.31% | +422.75 |
| ISHARES LEHMAN 20 YR (TLT) | -0.85% | -108.24 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.78% | -99.95 |
| ISHARES LEH AGG FD (AGG) | -0.37% | -47.52 |
| ISHARES GS $ INVEST (LQD) | -0.13% | -17.07 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.28% | -35.22 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -1.27% | -162.01 |
| Short Dow30 ProShares (DOG) | -0.51% | -64.94 |
| Short S&P500 ProShares (SH) | -0.36% | -45.96 |
| Short MC400 ProShares (MYY) | -0.75% | -95.96 |
| Short SmallCap 600 ProShares (SBB) | -1.66% | -212.46 |
| Short Russell 2000 ProShares (RWM) | -1.24% | -158.56 |
| UltraShort QQQ ProShares (QID) | -1.51% | -192.48 |
| UltraShort Dow30 ProShares (DXD) | -1.19% | -151.68 |
| UltraShort S&P500 ProShares (SDS) | -1.06% | -134.69 |
| UltraShort MC400 ProShares (MZZ) | -1.23% | -156.40 |
| UltraShort SmallCap 600 ProShares (SDD) | -2.93% | -374.08 |
| UltraShort Russell 2000 ProShares (TWM) | -2.30% | -293.62 |
| UltraShort Russell 1000 Value ProShares (SJF) | -1.70% | -217.17 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -1.72% | -219.37 |
| UltraShort Russell MidCap Value ProShares (SJL) | -1.26% | -160.28 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -0.92% | -117.01 |
| UltraShort Russell 2000 Value ProShares (SJH) | -2.60% | -332.05 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -2.70% | -344.37 |
| UltraShort Basic Materials ProShares (SMN) | +3.92% | +499.81 |
| UltraShort Consumer Goods ProShares (SZK) | -0.39% | -50.03 |
| UltraShort Consumer Services ProShares (SCC) | -3.05% | -389.91 |
| UltraShort Financials ProShares (SKF) | -7.23% | -923.11 |
| UltraShort Health Care ProShares (RXD) | -0.88% | -112.01 |
| UltraShort Industrials ProShares (SIJ) | -1.77% | -226.24 |
| UltraShort Oil & Gas ProShares (DUG) | +4.27% | +545.00 |
| UltraShort Real Estate ProShares (SRS) | -4.85% | -618.46 |
| UltraShort Semiconductors ProShares (SSG) | -3.32% | -423.18 |
| UltraShort Technology ProShares (REW) | -2.68% | -341.55 |
| UltraShort Utilities ProShares (SDP) | +0.71% | +91.05 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.81% | +103.43 |
| Short MSCI EAFE ProShares (EFZ) | -100.00% | -12763.22 |
| UltraShort MSCI EAFE ProShares (EFU) | +1.12% | +142.37 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +2.59% | +331.00 |
| UltraShort MSCI Japan ProShares (EWV) | -0.42% | -53.78 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +0.27% | +34.54 |
| Ultra QQQ ProShares (QLD) | +1.52% | +194.40 |
| Ultra Dow30 ProShares (DDM) | +1.23% | +157.26 |
| Ultra S&P500 ProShares (SSO) | +1.03% | +131.69 |
| Ultra MC400 ProShares (MVV) | +0.52% | +66.32 |
| Ultra SmallCap 600 ProShares (SAA) | +2.70% | +345.22 |
| Ultra Russell 2000 ProShares (UWM) | +1.68% | +213.82 |
| Ultra Russell 1000 Value ProShares (UVG) | +2.21% | +282.41 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.91% | +116.62 |
| Ultra Russell MidCap Value ProShares (UVU) | +0.27% | +34.57 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.75% | +96.16 |
| Ultra Russell 2000 Value ProShares (UVT) | +2.57% | +327.98 |
| Ultra Russell2000 Growth ProShares (UKK) | +3.20% | +408.88 |
| Ultra Basic Materials ProShares (UYM) | -4.27% | -545.04 |
| Ultra Consumer Goods ProShares (UGE) | +0.64% | +81.16 |
| Ultra Consumer Services ProShares (UCC) | +4.53% | +577.61 |
| Ultra Financials ProShares (UYG) | +7.04% | +898.12 |
| Ultra Health Care ProShares (RXL) | -0.14% | -18.27 |
| Ultra Industrials ProShares (UXI) | +0.87% | +111.62 |
| Ultra Oil & Gas ProShares (DIG) | -4.59% | -586.16 |
| Ultra Real Estate ProShares (URE) | +4.69% | +599.10 |
| Ultra Semiconductors ProShares (USD) | +2.55% | +324.87 |
| Ultra Technology ProShares (ROM) | +2.66% | +339.48 |
| Ultra Utilities ProShares (UPW) | -0.12% | -15.26 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Wednesday, April 23, 2008
Speculative Fever
As the oil mania takes a breather (the US Dollar rallied, pulling oil lower Wednesday), speculators are rabidly looking forward to the dip as an opportunity to buy for what they believe to be an inevitable rise. This is the end-game of the bubble, but trying to call the exact top is a fools game.
The other day, we learned that Saudia Arabia had decided to shelve plans to invest billions in increasing their reserves. Now, the oil bulls will have a hard time explaining that decision. If oil is on a long upward trajectory in price, why would the Saudis have decided not to invest in increased future production? Could it be that the Saudis know this is a mania which marks the absolute, all-time high in the price of oil? Indeed, we think that's exactly what they know. There are many alternative sources of energy which can and will replace oil in the future. It doesn't matter that we may have reached the Hubbert Peak in Oil. Oil will become a minor energy product in the future as those alternatives completely replace its usage as major fuel.
So, if you're counting on oil continuing higher, stop and count your money instead. The only direction oil is heading in the long term is toward zero.
Stocks meandered around in a narrow trading range Wednesday, not making significant progress either to the upside or the downside:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.34% | +42.99 |
| DIAMONDS TRUST SER 1 (DIA) | +0.08% | +9.99 |
| Ultra Dow30 ProShares (DDM) | +0.26% | +33.08 |
| UltraShort Dow30 ProShares (DXD) | -0.31% | -38.89 |
| S&P 500 (index) | +0.25% | +32.36 |
| S& P DEP RECEIPTS (SPY) | -0.18% | -23.06 |
| Ultra S&P500 ProShares (SSO) | -0.18% | -23.01 |
| UltraShort S&P500 ProShares (SDS) | +0.27% | +34.74 |
| NYSE Composite (index) | +0.10% | +12.85 |
| ISHARES NYSE CMP IDX (NYC) | +0.18% | +22.56 |
| S&P SmallCap 600 (index) | +0.38% | +47.99 |
| Ultra SmallCap 600 ProShares (SAA) | +0.80% | +101.56 |
| Short SmallCap 600 ProShares (SBB) | +0.32% | +41.12 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.35% | -44.11 |
| Russell 2000 (index) | +0.63% | +79.53 |
| ISHARE RUS 2000 INDX (IWM) | +0.07% | +9.02 |
| Ultra Russell 2000 ProShares (UWM) | +0.46% | +58.62 |
| UltraShort Russell 2000 ProShares (TWM) | +0.18% | +23.19 |
| NASDAQ-100 (index) | +1.22% | +155.75 |
| NASDAQ 100 TR SER I (QQQQ) | +1.10% | +139.99 |
| Ultra QQQ ProShares (QLD) | +1.16% | +147.40 |
| UltraShort QQQ ProShares (QID) | -1.17% | -148.76 |
| S&P MidCap 400 (index) | +0.35% | +44.20 |
| ISHARE SP MC 400 INX (IJH) | +0.37% | +46.48 |
| Ultra MC400 ProShares (MVV) | +0.76% | +97.20 |
| UltraShort MC400 ProShares (MZZ) | +0.23% | +29.43 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.09% | +11.11 |
| Amex Gold (index) | -3.83% | -486.74 |
| MKT VECT GOLD MNRS (GDX) | -4.06% | -516.22 |
| STREETTRACKS GOLD TR (GLD) | -1.16% | -147.96 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +2.07% | +263.27 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -2.09% | -265.24 |
| Semiconductor Sector (index) | +4.12% | +523.46 |
| Ultra Semiconductors ProShares (USD) | +4.70% | +598.25 |
| UltraShort Semiconductors ProShares (SSG) | -5.03% | -640.45 |
| ISHARE DJ FIN SC INX (IYF) | -0.38% | -48.31 |
| ISHARES LEHMAN 20 YR (TLT) | -0.33% | -42.19 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.10% | -12.79 |
| ISHARES LEH AGG FD (AGG) | -0.10% | -12.45 |
| ISHARES GS $ INVEST (LQD) | +0.31% | +39.01 |
| ISHARES LEHMAN 1-3YR (SHY) | 0.00% | 0.00 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.67% | -85.68 |
| Short Dow30 ProShares (DOG) | -0.36% | -45.76 |
| Short S&P500 ProShares (SH) | -0.23% | -29.80 |
| Short MC400 ProShares (MYY) | -0.36% | -45.58 |
| Short SmallCap 600 ProShares (SBB) | +0.32% | +41.12 |
| Short Russell 2000 ProShares (RWM) | -0.51% | -64.54 |
| UltraShort QQQ ProShares (QID) | -1.17% | -148.76 |
| UltraShort Dow30 ProShares (DXD) | -0.31% | -38.89 |
| UltraShort S&P500 ProShares (SDS) | +0.27% | +34.74 |
| UltraShort MC400 ProShares (MZZ) | +0.23% | +29.43 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.35% | -44.11 |
| UltraShort Russell 2000 ProShares (TWM) | +0.18% | +23.19 |
| UltraShort Russell 1000 Value ProShares (SJF) | +0.70% | +88.73 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.94% | -119.49 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.17% | +22.23 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -1.43% | -182.45 |
| UltraShort Russell 2000 Value ProShares (SJH) | -0.22% | -27.52 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -1.74% | -221.56 |
| UltraShort Basic Materials ProShares (SMN) | +3.87% | +492.58 |
| UltraShort Consumer Goods ProShares (SZK) | -0.81% | -102.58 |
| UltraShort Consumer Services ProShares (SCC) | -1.05% | -134.16 |
| UltraShort Financials ProShares (SKF) | +1.02% | +129.57 |
| UltraShort Health Care ProShares (RXD) | -2.40% | -305.38 |
| UltraShort Industrials ProShares (SIJ) | -0.26% | -32.44 |
| UltraShort Oil & Gas ProShares (DUG) | +1.82% | +231.51 |
| UltraShort Real Estate ProShares (SRS) | -2.07% | -263.62 |
| UltraShort Semiconductors ProShares (SSG) | -5.03% | -640.45 |
| UltraShort Technology ProShares (REW) | -2.43% | -309.70 |
| UltraShort Utilities ProShares (SDP) | -1.46% | -185.89 |
| Short MSCI Emerging Markets ProShares (EUM) | -1.54% | -195.99 |
| Short MSCI EAFE ProShares (EFZ) | -0.50% | -64.21 |
| UltraShort MSCI EAFE ProShares (EFU) | -1.05% | -133.86 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -2.34% | -298.22 |
| UltraShort MSCI Japan ProShares (EWV) | -1.41% | -179.97 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -15.45% | -1965.65 |
| Ultra QQQ ProShares (QLD) | +1.16% | +147.40 |
| Ultra Dow30 ProShares (DDM) | +0.26% | +33.08 |
| Ultra S&P500 ProShares (SSO) | -0.18% | -23.01 |
| Ultra MC400 ProShares (MVV) | +0.76% | +97.20 |
| Ultra SmallCap 600 ProShares (SAA) | +0.80% | +101.56 |
| Ultra Russell 2000 ProShares (UWM) | +0.46% | +58.62 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.22% | -155.01 |
| Ultra Russell 1000 Growth ProShares (UKF) | +1.80% | +228.33 |
| Ultra Russell MidCap Value ProShares (UVU) | -0.27% | -34.36 |
| Ultra Russell MidCap Growth ProShares (UKW) | +1.94% | +246.46 |
| Ultra Russell 2000 Value ProShares (UVT) | +0.51% | +65.09 |
| Ultra Russell2000 Growth ProShares (UKK) | +1.31% | +167.17 |
| Ultra Basic Materials ProShares (UYM) | -3.36% | -427.63 |
| Ultra Consumer Goods ProShares (UGE) | +1.49% | +189.59 |
| Ultra Consumer Services ProShares (UCC) | +1.19% | +151.97 |
| Ultra Financials ProShares (UYG) | -0.71% | -89.69 |
| Ultra Health Care ProShares (RXL) | +2.27% | +288.57 |
| Ultra Industrials ProShares (UXI) | +0.20% | +26.01 |
| Ultra Oil & Gas ProShares (DIG) | -1.27% | -161.45 |
| Ultra Real Estate ProShares (URE) | +2.16% | +274.67 |
| Ultra Semiconductors ProShares (USD) | +4.70% | +598.25 |
| Ultra Technology ProShares (ROM) | +2.72% | +345.49 |
| Ultra Utilities ProShares (UPW) | +1.55% | +197.33 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Tuesday, April 22, 2008
Pennsylvania Extends the Democratic Pain
The Pennsylvania primary bolstered Hillary Clinton's campaign as she registered a 10% margin of victory over Obama, much to the chagrin of Washington deal-makers, who would just rather the slow water-torture campaign of "Change versus Experience" could move on to the next step. One thing that's clear is that Obama just doesn't have the campaign staying power to beat McCain in November. The Democrats, who thought they would have an easy victory this year after the disasterous Bush Administration, are heading for a disaster of their own later this year if they stay on this track.
The market dipped slightly Tuesday as profits were taken in stocks which had made big runs last week:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.82% | -104.79 |
| DIAMONDS TRUST SER 1 (DIA) | -0.53% | -68.14 |
| Ultra Dow30 ProShares (DDM) | -1.06% | -135.31 |
| UltraShort Dow30 ProShares (DXD) | +1.22% | +156.28 |
| S&P 500 (index) | -0.88% | -112.99 |
| S& P DEP RECEIPTS (SPY) | -0.48% | -62.00 |
| Ultra S&P500 ProShares (SSO) | -1.14% | -146.46 |
| UltraShort S&P500 ProShares (SDS) | +1.10% | +141.64 |
| NYSE Composite (index) | -0.91% | -116.13 |
| ISHARES NYSE CMP IDX (NYC) | -1.03% | -132.08 |
| S&P SmallCap 600 (index) | -1.69% | -216.45 |
| Ultra SmallCap 600 ProShares (SAA) | -4.11% | -526.89 |
| Short SmallCap 600 ProShares (SBB) | +1.94% | +248.26 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.38% | +433.22 |
| Russell 2000 (index) | -1.95% | -249.89 |
| ISHARE RUS 2000 INDX (IWM) | -1.65% | -211.13 |
| Ultra Russell 2000 ProShares (UWM) | -3.61% | -463.17 |
| UltraShort Russell 2000 ProShares (TWM) | +2.87% | +367.61 |
| NASDAQ-100 (index) | -1.35% | -173.43 |
| NASDAQ 100 TR SER I (QQQQ) | -1.49% | -190.85 |
| Ultra QQQ ProShares (QLD) | -2.01% | -257.65 |
| UltraShort QQQ ProShares (QID) | +1.82% | +233.56 |
| S&P MidCap 400 (index) | -1.44% | -185.07 |
| ISHARE SP MC 400 INX (IJH) | -1.37% | -175.62 |
| Ultra MC400 ProShares (MVV) | -2.70% | -346.10 |
| UltraShort MC400 ProShares (MZZ) | +2.24% | +287.07 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.18% | +151.10 |
| Amex Gold (index) | -1.04% | -132.89 |
| MKT VECT GOLD MNRS (GDX) | -0.93% | -119.00 |
| STREETTRACKS GOLD TR (GLD) | +0.02% | +2.84 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.51% | +65.53 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.31% | -39.71 |
| Semiconductor Sector (index) | -3.26% | -418.48 |
| Ultra Semiconductors ProShares (USD) | -5.17% | -662.58 |
| UltraShort Semiconductors ProShares (SSG) | +5.35% | +686.30 |
| ISHARE DJ FIN SC INX (IYF) | -1.06% | -135.56 |
| ISHARES LEHMAN 20 YR (TLT) | +0.34% | +44.06 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.08% | +10.04 |
| ISHARES LEH AGG FD (AGG) | +0.15% | +18.86 |
| ISHARES GS $ INVEST (LQD) | -0.22% | -28.21 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.04% | +4.62 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +1.22% | +156.95 |
| Short Dow30 ProShares (DOG) | +0.77% | +99.34 |
| Short S&P500 ProShares (SH) | +0.74% | +94.85 |
| Short MC400 ProShares (MYY) | +1.22% | +156.45 |
| Short SmallCap 600 ProShares (SBB) | +1.94% | +248.26 |
| Short Russell 2000 ProShares (RWM) | +1.99% | +255.28 |
| UltraShort QQQ ProShares (QID) | +1.82% | +233.56 |
| UltraShort Dow30 ProShares (DXD) | +1.22% | +156.28 |
| UltraShort S&P500 ProShares (SDS) | +1.10% | +141.64 |
| UltraShort MC400 ProShares (MZZ) | +2.24% | +287.07 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.38% | +433.22 |
| UltraShort Russell 2000 ProShares (TWM) | +2.87% | +367.61 |
| UltraShort Russell 1000 Value ProShares (SJF) | +1.30% | +166.95 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +2.36% | +302.51 |
| UltraShort Russell MidCap Value ProShares (SJL) | +2.58% | +331.01 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +3.29% | +421.80 |
| UltraShort Russell 2000 Value ProShares (SJH) | +4.27% | +548.24 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +3.97% | +508.90 |
| UltraShort Basic Materials ProShares (SMN) | +2.06% | +264.08 |
| UltraShort Consumer Goods ProShares (SZK) | +2.51% | +321.86 |
| UltraShort Consumer Services ProShares (SCC) | +2.75% | +352.47 |
| UltraShort Financials ProShares (SKF) | +2.75% | +352.66 |
| UltraShort Health Care ProShares (RXD) | +2.78% | +356.21 |
| UltraShort Industrials ProShares (SIJ) | +2.28% | +292.14 |
| UltraShort Oil & Gas ProShares (DUG) | -0.10% | -12.95 |
| UltraShort Real Estate ProShares (SRS) | +1.49% | +191.64 |
| UltraShort Semiconductors ProShares (SSG) | +5.35% | +686.30 |
| UltraShort Technology ProShares (REW) | +2.45% | +313.58 |
| UltraShort Utilities ProShares (SDP) | +0.91% | +117.31 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.20% | +153.55 |
| Short MSCI EAFE ProShares (EFZ) | +0.84% | +108.23 |
| UltraShort MSCI EAFE ProShares (EFU) | +2.10% | +268.87 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +1.53% | +195.97 |
| UltraShort MSCI Japan ProShares (EWV) | +3.55% | +455.08 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +0.15% | +19.02 |
| Ultra QQQ ProShares (QLD) | -2.01% | -257.65 |
| Ultra Dow30 ProShares (DDM) | -1.06% | -135.31 |
| Ultra S&P500 ProShares (SSO) | -1.14% | -146.46 |
| Ultra MC400 ProShares (MVV) | -2.70% | -346.10 |
| Ultra SmallCap 600 ProShares (SAA) | -4.11% | -526.89 |
| Ultra Russell 2000 ProShares (UWM) | -3.61% | -463.17 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.23% | -29.70 |
| Ultra Russell 1000 Growth ProShares (UKF) | -3.68% | -471.72 |
| Ultra Russell MidCap Value ProShares (UVU) | -1.98% | -253.37 |
| Ultra Russell MidCap Growth ProShares (UKW) | -3.65% | -468.05 |
| Ultra Russell 2000 Value ProShares (UVT) | -4.47% | -573.18 |
| Ultra Russell2000 Growth ProShares (UKK) | -4.07% | -521.82 |
| Ultra Basic Materials ProShares (UYM) | -2.65% | -339.32 |
| Ultra Consumer Goods ProShares (UGE) | -2.75% | -352.63 |
| Ultra Consumer Services ProShares (UCC) | -2.59% | -331.68 |
| Ultra Financials ProShares (UYG) | -2.35% | -301.06 |
| Ultra Health Care ProShares (RXL) | -2.51% | -322.51 |
| Ultra Industrials ProShares (UXI) | -2.44% | -312.49 |
| Ultra Oil & Gas ProShares (DIG) | +0.15% | +19.11 |
| Ultra Real Estate ProShares (URE) | -1.49% | -191.31 |
| Ultra Semiconductors ProShares (USD) | -5.17% | -662.58 |
| Ultra Technology ProShares (ROM) | -2.13% | -272.74 |
| Ultra Utilities ProShares (UPW) | -0.87% | -111.48 |
Apparently, the uptrend which started in March, and was initially greeted with much skepticism and put buying from OEX traders, has finally convinced the crowd that the trend is now firmly to the upside. Those mostly-wrong traders were busy pouring funds mostly into calls (bets the market will continue rallying like last week) almost all day. It's funny how that tends to happen after trading tops and not before them.
Given that the market is up against the top of the trading range and traders are bullish, the chances are that this market is going nowhere at all.
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Monday, April 21, 2008
Republicans On Course For Four More Years
As the Democratic primary in Pennsylvania gets underway Tuesday, it appears that the party is ready to roll over and deliver the White House to the Republicans once again. After slashing each other mercilessly, it will be virtually impossible for either Hillary or Obama to beat McCain in November. And, that may be the reason why the market has rallied back to the top of the trading range in the past few weeks.
It's not that the market actually dislikes Democrats. Actually, the market would simply prefer Washington stay out of their business. And, there's no better way for that to happen than for the White House to be controlled by Republicans and the Congress to be controlled by Democrats. With no onerous new Democratic laws or taxes getting past the veto pen of the Republican in the White House, the markets will be relieved. Although it's likely that the market will not actually break out of the trading range until after the November Elections (i.e., the market will wait for confirmation that their wish has come true), the built-up energy from the long basing pattern should ensure a long-lasting bull market trend late this year and into 2010.
The only thing that might upset this "best of all possible worlds" scenario might be reality: inflation is out of control and the economy is in the dumps. Other than that, everything is fine.
The market seems to be suffering from a post-options-expiration hangover and went nowhere on Monday:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.19% | -24.34 |
| DIAMONDS TRUST SER 1 (DIA) | +0.02% | +3.01 |
| Ultra Dow30 ProShares (DDM) | -0.19% | -24.75 |
| UltraShort Dow30 ProShares (DXD) | 0.00% | 0.00 |
| S&P 500 (index) | -0.18% | -23.57 |
| S& P DEP RECEIPTS (SPY) | +0.08% | +10.21 |
| Ultra S&P500 ProShares (SSO) | +0.12% | +15.93 |
| UltraShort S&P500 ProShares (SDS) | -0.16% | -19.92 |
| NYSE Composite (index) | +0.02% | +2.83 |
| ISHARES NYSE CMP IDX (NYC) | +0.22% | +28.63 |
| S&P SmallCap 600 (index) | -0.74% | -94.96 |
| Ultra SmallCap 600 ProShares (SAA) | -0.72% | -92.90 |
| Short SmallCap 600 ProShares (SBB) | +0.19% | +24.74 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.93% | +119.80 |
| Russell 2000 (index) | -0.34% | -44.04 |
| ISHARE RUS 2000 INDX (IWM) | +0.01% | +1.79 |
| Ultra Russell 2000 ProShares (UWM) | +0.50% | +64.84 |
| UltraShort Russell 2000 ProShares (TWM) | +0.26% | +32.78 |
| NASDAQ-100 (index) | +0.50% | +64.84 |
| NASDAQ 100 TR SER I (QQQQ) | +0.71% | +90.78 |
| Ultra QQQ ProShares (QLD) | +1.12% | +144.30 |
| UltraShort QQQ ProShares (QID) | -1.20% | -154.13 |
| S&P MidCap 400 (index) | +0.04% | +5.54 |
| ISHARE SP MC 400 INX (IJH) | +0.24% | +30.94 |
| Ultra MC400 ProShares (MVV) | +1.02% | +130.46 |
| UltraShort MC400 ProShares (MZZ) | -1.04% | -134.21 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.79% | -101.38 |
| Amex Gold (index) | -1.76% | -226.21 |
| MKT VECT GOLD MNRS (GDX) | -1.76% | -226.43 |
| STREETTRACKS GOLD TR (GLD) | -0.41% | -52.46 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.59% | +75.47 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.57% | -73.46 |
| Semiconductor Sector (index) | +1.52% | +195.81 |
| Ultra Semiconductors ProShares (USD) | +1.93% | +248.27 |
| UltraShort Semiconductors ProShares (SSG) | -1.62% | -207.69 |
| ISHARE DJ FIN SC INX (IYF) | -1.49% | -191.76 |
| ISHARES LEHMAN 20 YR (TLT) | +0.40% | +51.25 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.01% | +1.44 |
| ISHARES LEH AGG FD (AGG) | +0.01% | +1.26 |
| ISHARES GS $ INVEST (LQD) | -0.32% | -41.64 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.10% | -12.33 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.71% | -91.45 |
| Short Dow30 ProShares (DOG) | +0.10% | +12.72 |
| Short S&P500 ProShares (SH) | +0.22% | +28.37 |
| Short MC400 ProShares (MYY) | +0.20% | +25.47 |
| Short SmallCap 600 ProShares (SBB) | +0.19% | +24.74 |
| Short Russell 2000 ProShares (RWM) | +0.25% | +32.48 |
| UltraShort QQQ ProShares (QID) | -1.20% | -154.13 |
| UltraShort Dow30 ProShares (DXD) | 0.00% | 0.00 |
| UltraShort S&P500 ProShares (SDS) | -0.16% | -19.92 |
| UltraShort MC400 ProShares (MZZ) | -1.04% | -134.21 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.93% | +119.80 |
| UltraShort Russell 2000 ProShares (TWM) | +0.26% | +32.78 |
| UltraShort Russell 1000 Value ProShares (SJF) | +0.25% | +31.94 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.60% | -76.76 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.90% | +116.19 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +0.01% | +1.90 |
| UltraShort Russell 2000 Value ProShares (SJH) | +1.08% | +139.17 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +0.13% | +17.13 |
| UltraShort Basic Materials ProShares (SMN) | -1.67% | -214.02 |
| UltraShort Consumer Goods ProShares (SZK) | -0.85% | -109.08 |
| UltraShort Consumer Services ProShares (SCC) | +0.99% | +127.58 |
| UltraShort Financials ProShares (SKF) | +2.83% | +363.32 |
| UltraShort Health Care ProShares (RXD) | +0.69% | +88.23 |
| UltraShort Industrials ProShares (SIJ) | +1.32% | +169.79 |
| UltraShort Oil & Gas ProShares (DUG) | -1.62% | -208.55 |
| UltraShort Real Estate ProShares (SRS) | +1.36% | +175.16 |
| UltraShort Semiconductors ProShares (SSG) | -1.62% | -207.69 |
| UltraShort Technology ProShares (REW) | -1.76% | -225.79 |
| UltraShort Utilities ProShares (SDP) | +1.42% | +182.45 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.21% | -26.78 |
| Short MSCI EAFE ProShares (EFZ) | -0.35% | -44.60 |
| UltraShort MSCI EAFE ProShares (EFU) | -1.33% | -171.10 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -1.25% | -160.34 |
| UltraShort MSCI Japan ProShares (EWV) | -0.95% | -121.46 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -2.66% | -342.27 |
| Ultra QQQ ProShares (QLD) | +1.12% | +144.30 |
| Ultra Dow30 ProShares (DDM) | -0.19% | -24.75 |
| Ultra S&P500 ProShares (SSO) | +0.12% | +15.93 |
| Ultra MC400 ProShares (MVV) | +1.02% | +130.46 |
| Ultra SmallCap 600 ProShares (SAA) | -0.72% | -92.90 |
| Ultra Russell 2000 ProShares (UWM) | +0.50% | +64.84 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.35% | -173.67 |
| Ultra Russell 1000 Growth ProShares (UKF) | +1.63% | +209.37 |
| Ultra Russell MidCap Value ProShares (UVU) | -1.13% | -144.90 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.07% | -8.64 |
| Ultra Russell 2000 Value ProShares (UVT) | -0.99% | -127.34 |
| Ultra Russell2000 Growth ProShares (UKK) | -0.19% | -24.50 |
| Ultra Basic Materials ProShares (UYM) | +1.27% | +163.22 |
| Ultra Consumer Goods ProShares (UGE) | +0.69% | +88.94 |
| Ultra Consumer Services ProShares (UCC) | -1.19% | -153.23 |
| Ultra Financials ProShares (UYG) | -2.98% | -382.40 |
| Ultra Health Care ProShares (RXL) | -0.27% | -34.28 |
| Ultra Industrials ProShares (UXI) | -0.43% | -54.69 |
| Ultra Oil & Gas ProShares (DIG) | +1.42% | +182.80 |
| Ultra Real Estate ProShares (URE) | -1.23% | -157.77 |
| Ultra Semiconductors ProShares (USD) | +1.93% | +248.27 |
| Ultra Technology ProShares (ROM) | +1.33% | +171.03 |
| Ultra Utilities ProShares (UPW) | -1.90% | -244.41 |
Has Gold Formed a Long Term Top?
It certainly looks like it has. We're not alone in that opinion: The Death of Gold? at Safehaven (of all places).
Now, the hingepin for the commodity bubble, the oil market, is still bubbling higher. But, it may not be long before it bursts and ends the mania.
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Sunday, April 20, 2008
Thinking Outside the Oil Box
People often need to think outside the box to see solutions to problems. The problem with the soaring cost of oil is straightforward: oil is soaring simply due to demand exceeding supply.
Obviously, that's an oversimplification. And, a world-wide recession will do wonders in the short term for the demand side of that equation (assuming there will be a world-wide recession, that is). But, given the assumption that demand will increase following a recession, the problem remains that the rising price of oil is a heavy load for the economy to bear. In fact, the recovery from the 2000-2003 recession was subpar due to the rising price of oil that has accompanied the recovery. This is so even though the housing bubble threw off huge amounts of cash as homeowners used their homes as ATM machines and overspent, keeping the recovery seemingly robust. Underneath the surface, though, the recovery was definitely subpar. Although the politicians say the US economy is strong, it's riddled with termite holes in the foundation. And, it has only taken a problem in a small portion of the housing market (subprime mortgage holders) to cause the whole economy to slide into a recession. That very minor segment not only almost caused the entire banking system to collapse, but took one of the largest investment banks under very quickly. Only extraordinary intervention from the Federal Reserve, working outside their legal jurisdiction, preserved the economy from what John Mauldin calls a "soft depression." We're definitely not out of those woods just yet.
Phil Flynn, long time energy analyst at Alaron Trading, has been warning of the effects of high oil prices in destroying demand. In his Energy Letter of Friday, April 18th, he told of going out to a Chicago oasis (a truck service station) and finding out what is happening in the real world:
One of the very first people that we spoke to was a Chicago area school teacher who had her darling little daughter with her. I asked her if she was mad about high gas prices and she said that high gas prices were literally changing her life. She said that she had to sell her house because she could not afford to buy gas to go to commute to her job. You see she lives in the far southwestern suburbs of Chicago and teaches on the far northwest side. Her husband is also a teacher and the gas prices are making it much harder for them to make ends meet. She said the spike in price is just killing them. Add on top of that the slowing housing market they are having a hard time selling their house which is also part of the root problem that is causing the run-up in price in gas prices and why it is hurting the economy..
As the Fed started to aggressively cut interest rates to solve the housing crisis it sent the dollar tanking and oil soaring. The Soaring cost of oil all of a sudden had nothing to do with supply and demand but everything to do with the effects of financial stress on the economic system. The run-up in price was not a natural occurrence but a Fed related event. We are only beginning to see the jolt to the economy.
Like the story of the owners of a family trucking firm I spoke to at the oasis. They were in the trucking business for thirty years and up until recently things were never better.
Yet what has happen to the cost of diesel in the last few months may force them out of business. In the trucking boom they had expanded their business to 10 trucks and employed at one time 30 drivers. Yet due to the cost of diesel fuel sold 6 trucks. I asked why and they said they can't afford to operate them and sold them back to the dealer for a loss. The fuel made it just too darn expensive.
I spoke to another trucker who drove for a company that had a meeting that very day about conserving fuel because their costs had risen to $50,000 a week and if things didn't change they might have to lay drivers off.
I spoke to small food service company owners that are being forced to add fuel surcharges that many customers are refusing to pay. Other truckers taking a pay cut because of the cost of fuel, independent truckers putting their rigs up for sale. And that was just the tip of the iceberg and people picked out at random on a busy little stop somewhere over the interstate. Whether you believe it or not demand destruction is happening and if you look around it is happen right before your very eyes.
Clearly, the US economy is in trouble with the double whammy of a real estate meltdown coinciding with soaring energy prices, not to mention the knock-on effect of higher food prices due to the government diverting food production into ethanol production. We have a return of severe stagflation as the economy grinds toward a halt and inflation soars. Standard monetary tools simply exacerbate the problems: as the Fed eases interest rates and the economy declines, the US Dollar loses value, boosting the cost of imported goods, especially oil, and making the current account deficit much worse. Foreigners, who need to daily supply billions of dollars in investment funds to the US markets to meet that current account deficit, see their returns turn negative and are becoming reticent to continue to fund this sinking ship.
Here's the root of the problem: we burn fossil fuels, or other carbon-based fuels, in order to generate usable energy, creating emissions of carbon into the atmosphere. More than that, we have a severe and worsening carbon pollution problem if the climate scientists are correct. According to the latest research, all of the current approaches to simply reducing, rather than eliminating entirely, carbon emissions will not succeed in preventing severe temperature rise in the future. In other words, nothing that is currently being proposed to simply reduce emissions will actually work in preventing global warming, even the most severe reductions will fail! The only solution, climate scientists say, is to eliminate carbon emissions completely! Now, if you think high oil prices are killing the economy, just wait until the government tells everyone they have to stop driving their cars, coal and natural gas plants have to be shut down, and so forth. That's not going to be a soft depression. That's a hard depression.
A Solution That Solves All Problems
But, there is a solution to all of these inter-related problems if people would only sit up and realize it has been clear for some time now. Notice we didn't say the solution was "simple." But, the solution is clear. We need to solve both the problem of the high price of energy and eliminate the use of carbon-emitting fuels at the same time. When crises have confronted mankind in the past, we have always had the resolve to solve the problem by finding a radical solution. The word "radical" literally means the "root" and we have to go to the root of both problems in order to find a solution.
Now, if a solution were to be devised which not only elminates the high price of energy and simultaneously eliminates carbon emissions, that would satisfy most people. Fortunately, we have not yet reached the state of Idiocracy where we aren't clever enough to find that radical solution. A solution to both problems has been found and is likely to be available starting late this year. A working prototype has been built and tested. It performs as expected. Details to follow soon.
Stocks Soar
The bears continued to be hit very hard by the stampeding stock market on Friday:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +1.81% | +228.87 |
| DIAMONDS TRUST SER 1 (DIA) | +1.10% | +138.61 |
| Ultra Dow30 ProShares (DDM) | +2.46% | +310.53 |
| UltraShort Dow30 ProShares (DXD) | -2.45% | -309.56 |
| S&P 500 (index) | +1.82% | +229.39 |
| S& P DEP RECEIPTS (SPY) | +1.10% | +139.13 |
| Ultra S&P500 ProShares (SSO) | +2.24% | +282.63 |
| UltraShort S&P500 ProShares (SDS) | -2.21% | -278.56 |
| NYSE Composite (index) | +1.49% | +187.69 |
| ISHARES NYSE CMP IDX (NYC) | +1.32% | +166.47 |
| S&P SmallCap 600 (index) | +1.76% | +222.24 |
| Ultra SmallCap 600 ProShares (SAA) | +3.16% | +398.24 |
| Short SmallCap 600 ProShares (SBB) | -1.46% | -184.74 |
| UltraShort SmallCap 600 ProShares (SDD) | -3.13% | -394.71 |
| Russell 2000 (index) | +1.78% | +225.14 |
| ISHARE RUS 2000 INDX (IWM) | +1.06% | +133.47 |
| Ultra Russell 2000 ProShares (UWM) | +1.92% | +242.17 |
| UltraShort Russell 2000 ProShares (TWM) | -2.27% | -286.53 |
| NASDAQ-100 (index) | +3.23% | +408.19 |
| NASDAQ 100 TR SER I (QQQQ) | +3.18% | +401.45 |
| Ultra QQQ ProShares (QLD) | +3.87% | +487.95 |
| UltraShort QQQ ProShares (QID) | -3.86% | -487.02 |
| S&P MidCap 400 (index) | +1.53% | +193.43 |
| ISHARE SP MC 400 INX (IJH) | +1.38% | +174.09 |
| Ultra MC400 ProShares (MVV) | +1.37% | +172.59 |
| UltraShort MC400 ProShares (MZZ) | -1.56% | -196.88 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -1.58% | -199.63 |
| Amex Gold (index) | -2.83% | -356.99 |
| MKT VECT GOLD MNRS (GDX) | -2.91% | -367.32 |
| STREETTRACKS GOLD TR (GLD) | -2.10% | -264.52 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +4.21% | +531.08 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -3.97% | -500.98 |
| Semiconductor Sector (index) | +2.46% | +310.13 |
| Ultra Semiconductors ProShares (USD) | +4.18% | +528.03 |
| UltraShort Semiconductors ProShares (SSG) | -3.92% | -494.67 |
| ISHARE DJ FIN SC INX (IYF) | +1.68% | +212.30 |
| ISHARES LEHMAN 20 YR (TLT) | -0.09% | -10.87 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.10% | -12.69 |
| ISHARES LEH AGG FD (AGG) | +0.27% | +33.50 |
| ISHARES GS $ INVEST (LQD) | +0.44% | +55.58 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.06% | -7.56 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -1.86% | -234.35 |
| Short Dow30 ProShares (DOG) | -1.75% | -220.91 |
| Short S&P500 ProShares (SH) | -1.26% | -159.18 |
| Short MC400 ProShares (MYY) | -1.48% | -186.89 |
| Short SmallCap 600 ProShares (SBB) | -1.46% | -184.74 |
| Short Russell 2000 ProShares (RWM) | -1.56% | -196.68 |
| UltraShort QQQ ProShares (QID) | -3.86% | -487.02 |
| UltraShort Dow30 ProShares (DXD) | -2.45% | -309.56 |
| UltraShort S&P500 ProShares (SDS) | -2.21% | -278.56 |
| UltraShort MC400 ProShares (MZZ) | -1.56% | -196.88 |
| UltraShort SmallCap 600 ProShares (SDD) | -3.13% | -394.71 |
| UltraShort Russell 2000 ProShares (TWM) | -2.27% | -286.53 |
| UltraShort Russell 1000 Value ProShares (SJF) | -2.02% | -255.12 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -4.40% | -554.98 |
| UltraShort Russell MidCap Value ProShares (SJL) | -3.12% | -393.61 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -4.15% | -523.39 |
| UltraShort Russell 2000 Value ProShares (SJH) | -3.15% | -397.18 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -3.56% | -449.51 |
| UltraShort Basic Materials ProShares (SMN) | -1.35% | -170.77 |
| UltraShort Consumer Goods ProShares (SZK) | -0.87% | -109.87 |
| UltraShort Consumer Services ProShares (SCC) | -3.23% | -407.87 |
| UltraShort Financials ProShares (SKF) | -3.26% | -410.93 |
| UltraShort Health Care ProShares (RXD) | -1.79% | -225.92 |
| UltraShort Industrials ProShares (SIJ) | -5.76% | -727.10 |
| UltraShort Oil & Gas ProShares (DUG) | -4.13% | -521.01 |
| UltraShort Real Estate ProShares (SRS) | +0.12% | +14.72 |
| UltraShort Semiconductors ProShares (SSG) | -3.92% | -494.67 |
| UltraShort Technology ProShares (REW) | -4.91% | -619.13 |
| UltraShort Utilities ProShares (SDP) | -0.97% | -123.03 |
| Short MSCI Emerging Markets ProShares (EUM) | -1.48% | -186.56 |
| Short MSCI EAFE ProShares (EFZ) | -0.78% | -98.62 |
| UltraShort MSCI EAFE ProShares (EFU) | -2.08% | -262.03 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -1.70% | -214.21 |
| UltraShort MSCI Japan ProShares (EWV) | -3.27% | -412.83 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -1.03% | -129.48 |
| Ultra QQQ ProShares (QLD) | +3.87% | +487.95 |
| Ultra Dow30 ProShares (DDM) | +2.46% | +310.53 |
| Ultra S&P500 ProShares (SSO) | +2.24% | +282.63 |
| Ultra MC400 ProShares (MVV) | +1.37% | +172.59 |
| Ultra SmallCap 600 ProShares (SAA) | +3.16% | +398.24 |
| Ultra Russell 2000 ProShares (UWM) | +1.92% | +242.17 |
| Ultra Russell 1000 Value ProShares (UVG) | +4.06% | +512.52 |
| Ultra Russell 1000 Growth ProShares (UKF) | +3.54% | +446.71 |
| Ultra Russell MidCap Value ProShares (UVU) | +3.03% | +382.28 |
| Ultra Russell MidCap Growth ProShares (UKW) | +4.20% | +530.46 |
| Ultra Russell 2000 Value ProShares (UVT) | +2.60% | +328.27 |
| Ultra Russell2000 Growth ProShares (UKK) | +4.40% | +555.16 |
| Ultra Basic Materials ProShares (UYM) | +2.56% | +323.70 |
| Ultra Consumer Goods ProShares (UGE) | +0.82% | +103.38 |
| Ultra Consumer Services ProShares (UCC) | +3.82% | +482.72 |
| Ultra Financials ProShares (UYG) | +2.91% | +366.78 |
| Ultra Health Care ProShares (RXL) | +1.74% | +219.25 |
| Ultra Industrials ProShares (UXI) | +5.13% | +647.59 |
| Ultra Oil & Gas ProShares (DIG) | +4.01% | +506.55 |
| Ultra Real Estate ProShares (URE) | -0.03% | -3.44 |
| Ultra Semiconductors ProShares (USD) | +4.18% | +528.03 |
| Ultra Technology ProShares (ROM) | +4.92% | +621.06 |
| Ultra Utilities ProShares (UPW) | +0.87% | +110.22 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Thursday, April 17, 2008
New Bulls Buying Dips
Bullish traders were buying the dip Thursday. They are now convinced that the worst of the recession is behind us and GE's earnings miss last week was only a fluke. This kind of euphoria might be the first leg up in a new bull market. But, then, it could be a mirage just as well. For now, though, the traders who were heavily buying puts earlier in the week are buying calls. And, that's supposed to give us confidence?
In any case, the market held near Wednesday's highs on Thursday:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.01% | +1.22 |
| DIAMONDS TRUST SER 1 (DIA) | -0.02% | -2.99 |
| Ultra Dow30 ProShares (DDM) | +0.05% | +6.65 |
| UltraShort Dow30 ProShares (DXD) | -0.04% | -4.76 |
| S&P 500 (index) | +0.32% | +40.69 |
| S& P DEP RECEIPTS (SPY) | +0.07% | +8.30 |
| Ultra S&P500 ProShares (SSO) | +0.25% | +32.07 |
| UltraShort S&P500 ProShares (SDS) | -0.13% | -16.99 |
| NYSE Composite (index) | -0.33% | -41.06 |
| ISHARES NYSE CMP IDX (NYC) | -0.46% | -58.22 |
| S&P SmallCap 600 (index) | -0.76% | -95.52 |
| Ultra SmallCap 600 ProShares (SAA) | -1.53% | -192.50 |
| Short SmallCap 600 ProShares (SBB) | +0.48% | +60.15 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.53% | +193.45 |
| Russell 2000 (index) | -0.68% | -85.44 |
| ISHARE RUS 2000 INDX (IWM) | -0.39% | -49.63 |
| Ultra Russell 2000 ProShares (UWM) | -0.92% | -116.25 |
| UltraShort Russell 2000 ProShares (TWM) | +1.33% | +167.81 |
| NASDAQ-100 (index) | +0.84% | +106.52 |
| NASDAQ 100 TR SER I (QQQQ) | -0.22% | -27.81 |
| Ultra QQQ ProShares (QLD) | +0.29% | +36.49 |
| UltraShort QQQ ProShares (QID) | -0.40% | -50.18 |
| S&P MidCap 400 (index) | -0.37% | -47.25 |
| ISHARE SP MC 400 INX (IJH) | -0.16% | -19.99 |
| Ultra MC400 ProShares (MVV) | +0.01% | +1.78 |
| UltraShort MC400 ProShares (MZZ) | +0.66% | +83.32 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.70% | +87.71 |
| Amex Gold (index) | -1.17% | -147.59 |
| MKT VECT GOLD MNRS (GDX) | -1.07% | -135.03 |
| STREETTRACKS GOLD TR (GLD) | -0.76% | -96.06 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +1.51% | +191.13 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -1.33% | -168.26 |
| Semiconductor Sector (index) | -0.74% | -93.19 |
| Ultra Semiconductors ProShares (USD) | -1.95% | -246.62 |
| UltraShort Semiconductors ProShares (SSG) | +2.27% | +286.32 |
| ISHARE DJ FIN SC INX (IYF) | +1.35% | +170.00 |
| ISHARES LEHMAN 20 YR (TLT) | -0.17% | -21.71 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.23% | -29.54 |
| ISHARES LEH AGG FD (AGG) | -0.02% | -2.48 |
| ISHARES GS $ INVEST (LQD) | +0.26% | +32.70 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.18% | -22.64 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.29% | -36.44 |
| Short Dow30 ProShares (DOG) | +0.31% | +38.98 |
| Short S&P500 ProShares (SH) | -0.31% | -39.18 |
| Short MC400 ProShares (MYY) | +0.46% | +57.76 |
| Short SmallCap 600 ProShares (SBB) | +0.48% | +60.15 |
| Short Russell 2000 ProShares (RWM) | +0.38% | +48.11 |
| UltraShort QQQ ProShares (QID) | -0.40% | -50.18 |
| UltraShort Dow30 ProShares (DXD) | -0.04% | -4.76 |
| UltraShort S&P500 ProShares (SDS) | -0.13% | -16.99 |
| UltraShort MC400 ProShares (MZZ) | +0.66% | +83.32 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.53% | +193.45 |
| UltraShort Russell 2000 ProShares (TWM) | +1.33% | +167.81 |
| UltraShort Russell 1000 Value ProShares (SJF) | -1.30% | -163.81 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.40% | +50.65 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.78% | +98.04 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +0.30% | +37.75 |
| UltraShort Russell 2000 Value ProShares (SJH) | +1.52% | +192.40 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +1.47% | +186.06 |
| UltraShort Basic Materials ProShares (SMN) | +0.78% | +98.33 |
| UltraShort Consumer Goods ProShares (SZK) | +0.91% | +114.55 |
| UltraShort Consumer Services ProShares (SCC) | -0.72% | -90.28 |
| UltraShort Financials ProShares (SKF) | -2.73% | -345.05 |
| UltraShort Health Care ProShares (RXD) | +1.61% | +202.80 |
| UltraShort Industrials ProShares (SIJ) | +1.50% | +189.27 |
| UltraShort Oil & Gas ProShares (DUG) | -0.03% | -4.01 |
| UltraShort Real Estate ProShares (SRS) | -1.47% | -185.64 |
| UltraShort Semiconductors ProShares (SSG) | +2.27% | +286.32 |
| UltraShort Technology ProShares (REW) | -1.17% | -147.22 |
| UltraShort Utilities ProShares (SDP) | -0.06% | -7.09 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.69% | +86.96 |
| Short MSCI EAFE ProShares (EFZ) | +0.99% | +124.91 |
| UltraShort MSCI EAFE ProShares (EFU) | +2.58% | +326.13 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.88% | +110.76 |
| UltraShort MSCI Japan ProShares (EWV) | +2.28% | +287.56 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +1.85% | +233.69 |
| Ultra QQQ ProShares (QLD) | +0.29% | +36.49 |
| Ultra Dow30 ProShares (DDM) | +0.05% | +6.65 |
| Ultra S&P500 ProShares (SSO) | +0.25% | +32.07 |
| Ultra MC400 ProShares (MVV) | +0.01% | +1.78 |
| Ultra SmallCap 600 ProShares (SAA) | -1.53% | -192.50 |
| Ultra Russell 2000 ProShares (UWM) | -0.92% | -116.25 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.14% | -17.47 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.02% | -2.09 |
| Ultra Russell MidCap Value ProShares (UVU) | +1.47% | +185.97 |
| Ultra Russell MidCap Growth ProShares (UKW) | +3.07% | +387.23 |
| Ultra Russell 2000 Value ProShares (UVT) | -0.47% | -59.40 |
| Ultra Russell2000 Growth ProShares (UKK) | -1.99% | -251.10 |
| Ultra Basic Materials ProShares (UYM) | +1.29% | +162.62 |
| Ultra Consumer Goods ProShares (UGE) | -0.84% | -106.30 |
| Ultra Consumer Services ProShares (UCC) | +0.09% | +11.17 |
| Ultra Financials ProShares (UYG) | +2.56% | +323.57 |
| Ultra Health Care ProShares (RXL) | -1.57% | -197.81 |
| Ultra Industrials ProShares (UXI) | -1.19% | -150.65 |
| Ultra Oil & Gas ProShares (DIG) | +0.32% | +39.80 |
| Ultra Real Estate ProShares (URE) | +1.52% | +192.21 |
| Ultra Semiconductors ProShares (USD) | -1.95% | -246.62 |
| Ultra Technology ProShares (ROM) | 0.00% | 0.00 |
| Ultra Utilities ProShares (UPW) | +0.15% | +18.40 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Wednesday, April 16, 2008
Bearish Traders Get Burned
The market rallied Wednesday and the majority of traders were apparently positioned wrong and had to cover their short positions. Our sentiment gauge of dollar-weighted index options registered a perfect buy signal based upon Tuesday's action. That bearish sentiment has yet to fully unwind even with Wednesday's big rally. It appears that the same wrong-way crowd was intent on buying puts on the morning rally. It was only in the last hour that the call-buying got strong enough to pull the sentiment toward, but not quite to, the neutral reading.
The crowd is mostly wrong, which makes sentiment measures like our dollar-weighted option ratios so valuable. Of course, no single indicator is always correct all the time. There are times when even the index options crowd is right.
That's why we track other measures which either confirm or deny the picture. For example, our breadth indicators actually turned bullish before the market made its price lows. That's not unusual since the internal breadth indicators often turn ahead of prices. We use them as "heads-up" indicators to warn us to look for a turn coming soon. And, Wednesday's rally was one of those that was telegraphed loud and clear by our indicators:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +2.08% | +256.80 |
| DIAMONDS TRUST SER 1 (DIA) | +2.45% | +303.16 |
| Ultra Dow30 ProShares (DDM) | +4.76% | +588.20 |
| UltraShort Dow30 ProShares (DXD) | -4.78% | -590.59 |
| S&P 500 (index) | +2.44% | +301.46 |
| S& P DEP RECEIPTS (SPY) | +2.63% | +325.35 |
| Ultra S&P500 ProShares (SSO) | +5.11% | +631.15 |
| UltraShort S&P500 ProShares (SDS) | -5.15% | -637.26 |
| NYSE Composite (index) | +2.51% | +310.60 |
| ISHARES NYSE CMP IDX (NYC) | +2.76% | +341.11 |
| S&P SmallCap 600 (index) | +3.01% | +371.69 |
| Ultra SmallCap 600 ProShares (SAA) | +6.50% | +803.34 |
| Short SmallCap 600 ProShares (SBB) | -2.68% | -330.98 |
| UltraShort SmallCap 600 ProShares (SDD) | -5.95% | -735.26 |
| Russell 2000 (index) | +3.08% | +381.02 |
| ISHARE RUS 2000 INDX (IWM) | +3.17% | +392.32 |
| Ultra Russell 2000 ProShares (UWM) | +6.07% | +750.49 |
| UltraShort Russell 2000 ProShares (TWM) | -6.55% | -809.62 |
| NASDAQ-100 (index) | +3.73% | +460.96 |
| NASDAQ 100 TR SER I (QQQQ) | +2.79% | +344.49 |
| Ultra QQQ ProShares (QLD) | +7.38% | +912.57 |
| UltraShort QQQ ProShares (QID) | -7.25% | -896.60 |
| S&P MidCap 400 (index) | +2.89% | +357.62 |
| ISHARE SP MC 400 INX (IJH) | +2.68% | +331.07 |
| Ultra MC400 ProShares (MVV) | +6.02% | +744.82 |
| UltraShort MC400 ProShares (MZZ) | -6.18% | -763.73 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.29% | +35.91 |
| Amex Gold (index) | +4.94% | +610.94 |
| MKT VECT GOLD MNRS (GDX) | +4.88% | +602.86 |
| STREETTRACKS GOLD TR (GLD) | +1.76% | +217.14 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -3.74% | -462.15 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +3.49% | +431.81 |
| Semiconductor Sector (index) | +5.45% | +673.92 |
| Ultra Semiconductors ProShares (USD) | +9.51% | +1176.26 |
| UltraShort Semiconductors ProShares (SSG) | -10.05% | -1242.97 |
| ISHARE DJ FIN SC INX (IYF) | +2.96% | +365.70 |
| ISHARES LEHMAN 20 YR (TLT) | -0.98% | -121.08 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.68% | -83.50 |
| ISHARES LEH AGG FD (AGG) | -0.36% | -44.79 |
| ISHARES GS $ INVEST (LQD) | -0.57% | -70.79 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.21% | -26.56 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -3.59% | -443.40 |
| Short Dow30 ProShares (DOG) | -2.23% | -275.11 |
| Short S&P500 ProShares (SH) | -2.63% | -325.13 |
| Short MC400 ProShares (MYY) | -3.06% | -378.12 |
| Short SmallCap 600 ProShares (SBB) | -2.68% | -330.98 |
| Short Russell 2000 ProShares (RWM) | -2.86% | -353.62 |
| UltraShort QQQ ProShares (QID) | -7.25% | -896.60 |
| UltraShort Dow30 ProShares (DXD) | -4.78% | -590.59 |
| UltraShort S&P500 ProShares (SDS) | -5.15% | -637.26 |
| UltraShort MC400 ProShares (MZZ) | -6.18% | -763.73 |
| UltraShort SmallCap 600 ProShares (SDD) | -5.95% | -735.26 |
| UltraShort Russell 2000 ProShares (TWM) | -6.55% | -809.62 |
| UltraShort Russell 1000 Value ProShares (SJF) | -4.30% | -531.81 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -4.84% | -598.65 |
| UltraShort Russell MidCap Value ProShares (SJL) | -6.02% | -744.02 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -5.34% | -660.13 |
| UltraShort Russell 2000 Value ProShares (SJH) | -6.38% | -788.87 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -6.12% | -757.13 |
| UltraShort Basic Materials ProShares (SMN) | -9.78% | -1209.45 |
| UltraShort Consumer Goods ProShares (SZK) | -2.11% | -260.47 |
| UltraShort Consumer Services ProShares (SCC) | -2.68% | -331.27 |
| UltraShort Financials ProShares (SKF) | -6.20% | -766.52 |
| UltraShort Health Care ProShares (RXD) | -1.65% | -204.48 |
| UltraShort Industrials ProShares (SIJ) | -4.29% | -530.39 |
| UltraShort Oil & Gas ProShares (DUG) | -5.41% | -668.24 |
| UltraShort Real Estate ProShares (SRS) | -7.84% | -968.99 |
| UltraShort Semiconductors ProShares (SSG) | -10.05% | -1242.97 |
| UltraShort Technology ProShares (REW) | -7.06% | -872.22 |
| UltraShort Utilities ProShares (SDP) | -4.71% | -582.70 |
| Short MSCI Emerging Markets ProShares (EUM) | -3.24% | -400.60 |
| Short MSCI EAFE ProShares (EFZ) | -3.19% | -393.83 |
| UltraShort MSCI EAFE ProShares (EFU) | -6.68% | -825.56 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -6.33% | -783.07 |
| UltraShort MSCI Japan ProShares (EWV) | -6.64% | -820.92 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -7.31% | -903.39 |
| Ultra QQQ ProShares (QLD) | +7.38% | +912.57 |
| Ultra Dow30 ProShares (DDM) | +4.76% | +588.20 |
| Ultra S&P500 ProShares (SSO) | +5.11% | +631.15 |
| Ultra MC400 ProShares (MVV) | +6.02% | +744.82 |
| Ultra SmallCap 600 ProShares (SAA) | +6.50% | +803.34 |
| Ultra Russell 2000 ProShares (UWM) | +6.07% | +750.49 |
| Ultra Russell 1000 Value ProShares (UVG) | +4.79% | +591.98 |
| Ultra Russell 1000 Growth ProShares (UKF) | +4.13% | +510.93 |
| Ultra Russell MidCap Value ProShares (UVU) | +3.80% | +470.08 |
| Ultra Russell MidCap Growth ProShares (UKW) | +1.86% | +229.57 |
| Ultra Russell 2000 Value ProShares (UVT) | +6.09% | +753.17 |
| Ultra Russell2000 Growth ProShares (UKK) | +5.97% | +738.63 |
| Ultra Basic Materials ProShares (UYM) | +7.09% | +876.21 |
| Ultra Consumer Goods ProShares (UGE) | +1.76% | +217.62 |
| Ultra Consumer Services ProShares (UCC) | +2.52% | +311.30 |
| Ultra Financials ProShares (UYG) | +6.70% | +828.67 |
| Ultra Health Care ProShares (RXL) | +0.95% | +117.82 |
| Ultra Industrials ProShares (UXI) | +5.50% | +680.50 |
| Ultra Oil & Gas ProShares (DIG) | +5.41% | +668.54 |
| Ultra Real Estate ProShares (URE) | +7.69% | +951.24 |
| Ultra Semiconductors ProShares (USD) | +9.51% | +1176.26 |
| Ultra Technology ProShares (ROM) | +8.52% | +1052.69 |
| Ultra Utilities ProShares (UPW) | +4.76% | +588.69 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
Subscriber Links: MyClues Home
· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Tuesday, April 15, 2008
Tax Relief Rally
Stocks moved higher on Tuesday as traders decided last week's plunge was overdone. An interesting study shows that the stock market tends to rally on the day after tax forms have been filed and that's Wednesday. Given the fact that Intel reported a well-received earnings report after the close Tuesday, Wednesday's market may very well fall in line with historical tendencies.
Still, it's very unlikely that we've seen a long term bottom just yet. For now, this trading rally should retrace some more of what was lost last week.
Tuesday's gains were modest, but promise more on Wednesday:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.49% | +60.41 |
| DIAMONDS TRUST SER 1 (DIA) | +0.28% | +33.94 |
| Ultra Dow30 ProShares (DDM) | +0.71% | +87.14 |
| UltraShort Dow30 ProShares (DXD) | -0.62% | -76.85 |
| S&P 500 (index) | +0.87% | +106.97 |
| S& P DEP RECEIPTS (SPY) | +0.35% | +43.51 |
| Ultra S&P500 ProShares (SSO) | +0.79% | +97.53 |
| UltraShort S&P500 ProShares (SDS) | -0.87% | -107.04 |
| NYSE Composite (index) | +0.62% | +76.31 |
| ISHARES NYSE CMP IDX (NYC) | +0.51% | +63.13 |
| S&P SmallCap 600 (index) | +0.79% | +97.01 |
| Ultra SmallCap 600 ProShares (SAA) | +1.18% | +144.79 |
| Short SmallCap 600 ProShares (SBB) | -0.82% | -100.27 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.32% | -162.53 |
| Russell 2000 (index) | +0.73% | +89.84 |
| ISHARE RUS 2000 INDX (IWM) | +0.70% | +86.17 |
| Ultra Russell 2000 ProShares (UWM) | +1.69% | +208.07 |
| UltraShort Russell 2000 ProShares (TWM) | -1.51% | -185.21 |
| NASDAQ-100 (index) | +1.69% | +207.65 |
| NASDAQ 100 TR SER I (QQQQ) | +0.14% | +16.74 |
| Ultra QQQ ProShares (QLD) | +0.14% | +17.39 |
| UltraShort QQQ ProShares (QID) | +0.06% | +7.57 |
| S&P MidCap 400 (index) | +0.53% | +64.61 |
| ISHARE SP MC 400 INX (IJH) | +0.35% | +43.26 |
| Ultra MC400 ProShares (MVV) | +0.38% | +46.15 |
| UltraShort MC400 ProShares (MZZ) | -0.75% | -91.99 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.29% | +159.25 |
| Amex Gold (index) | +1.24% | +152.40 |
| MKT VECT GOLD MNRS (GDX) | +1.26% | +155.05 |
| STREETTRACKS GOLD TR (GLD) | +0.60% | +74.26 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -1.00% | -122.93 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +1.09% | +134.07 |
| Semiconductor Sector (index) | -0.20% | -25.12 |
| Ultra Semiconductors ProShares (USD) | +1.11% | +137.07 |
| UltraShort Semiconductors ProShares (SSG) | -1.54% | -189.52 |
| ISHARE DJ FIN SC INX (IYF) | +0.98% | +120.46 |
| ISHARES LEHMAN 20 YR (TLT) | -1.24% | -152.63 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.45% | -55.60 |
| ISHARES LEH AGG FD (AGG) | -0.54% | -65.90 |
| ISHARES GS $ INVEST (LQD) | -0.21% | -25.78 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.13% | -16.13 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.21% | -26.14 |
| Short Dow30 ProShares (DOG) | -0.57% | -70.00 |
| Short S&P500 ProShares (SH) | -0.35% | -42.62 |
| Short MC400 ProShares (MYY) | -0.52% | -64.00 |
| Short SmallCap 600 ProShares (SBB) | -0.82% | -100.27 |
| Short Russell 2000 ProShares (RWM) | -0.89% | -108.99 |
| UltraShort QQQ ProShares (QID) | +0.06% | +7.57 |
| UltraShort Dow30 ProShares (DXD) | -0.62% | -76.85 |
| UltraShort S&P500 ProShares (SDS) | -0.87% | -107.04 |
| UltraShort MC400 ProShares (MZZ) | -0.75% | -91.99 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.32% | -162.53 |
| UltraShort Russell 2000 ProShares (TWM) | -1.51% | -185.21 |
| UltraShort Russell 1000 Value ProShares (SJF) | -1.09% | -134.36 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.15% | -18.43 |
| UltraShort Russell MidCap Value ProShares (SJL) | -1.28% | -157.20 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -0.34% | -41.33 |
| UltraShort Russell 2000 Value ProShares (SJH) | -2.43% | -298.58 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -1.04% | -128.24 |
| UltraShort Basic Materials ProShares (SMN) | -1.04% | -128.37 |
| UltraShort Consumer Goods ProShares (SZK) | -0.29% | -35.16 |
| UltraShort Consumer Services ProShares (SCC) | -0.58% | -70.97 |
| UltraShort Financials ProShares (SKF) | -1.76% | -216.05 |
| UltraShort Health Care ProShares (RXD) | +1.25% | +154.14 |
| UltraShort Industrials ProShares (SIJ) | -1.93% | -237.40 |
| UltraShort Oil & Gas ProShares (DUG) | -2.06% | -253.28 |
| UltraShort Real Estate ProShares (SRS) | -1.69% | -207.53 |
| UltraShort Semiconductors ProShares (SSG) | -1.54% | -189.52 |
| UltraShort Technology ProShares (REW) | -0.28% | -34.55 |
| UltraShort Utilities ProShares (SDP) | -1.79% | -220.03 |
| Short MSCI Emerging Markets ProShares (EUM) | -1.30% | -160.29 |
| Short MSCI EAFE ProShares (EFZ) | -0.36% | -44.45 |
| UltraShort MSCI EAFE ProShares (EFU) | -1.06% | -129.82 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -2.18% | -267.61 |
| UltraShort MSCI Japan ProShares (EWV) | -1.19% | -146.49 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -2.79% | -343.11 |
| Ultra QQQ ProShares (QLD) | +0.14% | +17.39 |
| Ultra Dow30 ProShares (DDM) | +0.71% | +87.14 |
| Ultra S&P500 ProShares (SSO) | +0.79% | +97.53 |
| Ultra MC400 ProShares (MVV) | +0.38% | +46.15 |
| Ultra SmallCap 600 ProShares (SAA) | +1.18% | +144.79 |
| Ultra Russell 2000 ProShares (UWM) | +1.69% | +208.07 |
| Ultra Russell 1000 Value ProShares (UVG) | +0.29% | +35.81 |
| Ultra Russell 1000 Growth ProShares (UKF) | +1.01% | +124.11 |
| Ultra Russell MidCap Value ProShares (UVU) | +1.31% | +160.69 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.18% | +22.66 |
| Ultra Russell 2000 Value ProShares (UVT) | +2.12% | +260.34 |
| Ultra Russell2000 Growth ProShares (UKK) | +0.90% | +110.34 |
| Ultra Basic Materials ProShares (UYM) | +0.61% | +75.15 |
| Ultra Consumer Goods ProShares (UGE) | +0.80% | +98.71 |
| Ultra Consumer Services ProShares (UCC) | -0.16% | -19.50 |
| Ultra Financials ProShares (UYG) | +1.60% | +196.63 |
| Ultra Health Care ProShares (RXL) | -0.52% | -63.82 |
| Ultra Industrials ProShares (UXI) | +0.28% | +34.53 |
| Ultra Oil & Gas ProShares (DIG) | +1.81% | +222.92 |
| Ultra Real Estate ProShares (URE) | +1.98% | +243.20 |
| Ultra Semiconductors ProShares (USD) | +1.11% | +137.07 |
| Ultra Technology ProShares (ROM) | -0.16% | -19.94 |
| Ultra Utilities ProShares (UPW) | +1.37% | +167.93 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
Subscriber Links: MyClues Home
· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Monday, April 14, 2008
Consolidation Monday to Turnaround Tuesday?
The market mostly wandered around the unchanged level Monday as it recovered from the shock and awe of GE's earnings miss last Friday. Given the recent record for Tuesdays (March Tuesday's collectively registered an almost 1200-point gain on the Dow Industrials), we just might have a turnaround day again.
This stock market has been a tough one for many traders, but scale traders are having a field day it appears. No, not in stocks. Stocks are not for scale trading. No, the market that has been reaping big gains for scale traders is the bond market. Bob Wiest, author of You Can't Lose Trading Commodities, the "Bible" of scale trading, has been recommending scaling the bond market for several months to his subscribers. He reports that the scales he's been trading have been quite profitable in this evironment.
Wiest's latest letter (April 12th) reports,
"Just look at the results for March .... the other 32 (trades) were winning T-Note trades. There were only 20 trading days in March, so we averaged 1.6 T-Note winners per day,* with the profit after commissions running anywhere from $470 to $1,220 per trade. The net profit after deducting a $30 commission from each trade was $19,706.25, or nearly $1,000 per day. (We have already captured 20 more winning T-Note trades, worth $12,212.50, net after commissions, through April 11.)"
Bob points out that you only need one good market to scale trade and that the T-Note market is the best market for scaling he has ever seen in his 47 years since writing You Can't Lose Trading Commodities.
*Note that under most circumstances, scale trades never lose money, so all non-rollover trades recorded are winners. Bob's newsletter, American Scale Trader, is available from Robert F. Wiest, publisher, 7541 Suzuki Lane, Loomis, CA 95650-9409. A new video training course on scale trading is now available for those interested in the subject. The printed newsletter is $195 ($209.14 in California); Canada: $210 US; Others: $230 US).
The somnabulistic stock market dribbled ever so slowly lower Monday:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.19% | -23.36 |
| DIAMONDS TRUST SER 1 (DIA) | -0.16% | -19.97 |
| Ultra Dow30 ProShares (DDM) | -0.36% | -44.35 |
| UltraShort Dow30 ProShares (DXD) | +0.38% | +46.37 |
| S&P 500 (index) | -0.35% | -42.80 |
| S& P DEP RECEIPTS (SPY) | -0.35% | -43.44 |
| Ultra S&P500 ProShares (SSO) | -0.76% | -93.32 |
| UltraShort S&P500 ProShares (SDS) | +0.94% | +116.13 |
| NYSE Composite (index) | -0.15% | -18.30 |
| ISHARES NYSE CMP IDX (NYC) | -0.17% | -21.05 |
| S&P SmallCap 600 (index) | -0.36% | -44.70 |
| Ultra SmallCap 600 ProShares (SAA) | -0.77% | -94.31 |
| Short SmallCap 600 ProShares (SBB) | +0.32% | +39.01 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.23% | +28.25 |
| Russell 2000 (index) | -0.26% | -32.58 |
| ISHARE RUS 2000 INDX (IWM) | -0.31% | -37.65 |
| Ultra Russell 2000 ProShares (UWM) | -0.42% | -51.90 |
| UltraShort Russell 2000 ProShares (TWM) | +0.60% | +74.37 |
| NASDAQ-100 (index) | -0.56% | -68.91 |
| NASDAQ 100 TR SER I (QQQQ) | -0.45% | -55.67 |
| Ultra QQQ ProShares (QLD) | -1.12% | -137.81 |
| UltraShort QQQ ProShares (QID) | +1.04% | +127.65 |
| S&P MidCap 400 (index) | -0.20% | -24.05 |
| ISHARE SP MC 400 INX (IJH) | -0.14% | -17.00 |
| Ultra MC400 ProShares (MVV) | -0.27% | -33.20 |
| UltraShort MC400 ProShares (MZZ) | +0.10% | +12.30 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.77% | +217.72 |
| Amex Gold (index) | +0.37% | +45.20 |
| MKT VECT GOLD MNRS (GDX) | +0.23% | +28.08 |
| STREETTRACKS GOLD TR (GLD) | -0.21% | -25.65 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.63% | +78.04 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.52% | -64.14 |
| Semiconductor Sector (index) | -1.71% | -210.30 |
| Ultra Semiconductors ProShares (USD) | -5.10% | -629.05 |
| UltraShort Semiconductors ProShares (SSG) | +4.70% | +579.10 |
| ISHARE DJ FIN SC INX (IYF) | -2.22% | -273.37 |
| ISHARES LEHMAN 20 YR (TLT) | -0.59% | -72.15 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.25% | -31.17 |
| ISHARES LEH AGG FD (AGG) | -0.12% | -14.39 |
| ISHARES GS $ INVEST (LQD) | -0.62% | -75.83 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.06% | -7.34 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.72% | +89.27 |
| Short Dow30 ProShares (DOG) | +0.27% | +33.21 |
| Short S&P500 ProShares (SH) | +0.38% | +46.59 |
| Short MC400 ProShares (MYY) | +0.22% | +27.26 |
| Short SmallCap 600 ProShares (SBB) | +0.32% | +39.01 |
| Short Russell 2000 ProShares (RWM) | +0.28% | +34.42 |
| UltraShort QQQ ProShares (QID) | +1.04% | +127.65 |
| UltraShort Dow30 ProShares (DXD) | +0.38% | +46.37 |
| UltraShort S&P500 ProShares (SDS) | +0.94% | +116.13 |
| UltraShort MC400 ProShares (MZZ) | +0.10% | +12.30 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.23% | +28.25 |
| UltraShort Russell 2000 ProShares (TWM) | +0.60% | +74.37 |
| UltraShort Russell 1000 Value ProShares (SJF) | +1.20% | +147.58 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.56% | +69.21 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.42% | +51.37 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -0.23% | -28.09 |
| UltraShort Russell 2000 Value ProShares (SJH) | +0.35% | +43.07 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +0.76% | +93.33 |
| UltraShort Basic Materials ProShares (SMN) | -0.09% | -10.71 |
| UltraShort Consumer Goods ProShares (SZK) | -0.10% | -12.32 |
| UltraShort Consumer Services ProShares (SCC) | +0.92% | +113.51 |
| UltraShort Financials ProShares (SKF) | +3.39% | +418.42 |
| UltraShort Health Care ProShares (RXD) | +0.42% | +52.21 |
| UltraShort Industrials ProShares (SIJ) | -0.02% | -1.95 |
| UltraShort Oil & Gas ProShares (DUG) | -3.27% | -403.25 |
| UltraShort Real Estate ProShares (SRS) | +1.00% | +123.15 |
| UltraShort Semiconductors ProShares (SSG) | +4.70% | +579.10 |
| UltraShort Technology ProShares (REW) | +3.28% | +404.00 |
| UltraShort Utilities ProShares (SDP) | -0.54% | -66.64 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.48% | +58.68 |
| Short MSCI EAFE ProShares (EFZ) | -0.36% | -44.37 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.32% | -39.78 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.40% | +48.94 |
| UltraShort MSCI Japan ProShares (EWV) | +0.80% | +98.12 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +2.94% | +362.96 |
| Ultra QQQ ProShares (QLD) | -1.12% | -137.81 |
| Ultra Dow30 ProShares (DDM) | -0.36% | -44.35 |
| Ultra S&P500 ProShares (SSO) | -0.76% | -93.32 |
| Ultra MC400 ProShares (MVV) | -0.27% | -33.20 |
| Ultra SmallCap 600 ProShares (SAA) | -0.77% | -94.31 |
| Ultra Russell 2000 ProShares (UWM) | -0.42% | -51.90 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.39% | -171.82 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.76% | -93.62 |
| Ultra Russell MidCap Value ProShares (UVU) | -0.51% | -62.44 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.55% | -67.73 |
| Ultra Russell 2000 Value ProShares (UVT) | +0.03% | +3.14 |
| Ultra Russell2000 Growth ProShares (UKK) | -0.52% | -63.94 |
| Ultra Basic Materials ProShares (UYM) | +0.14% | +17.82 |
| Ultra Consumer Goods ProShares (UGE) | -0.12% | -15.20 |
| Ultra Consumer Services ProShares (UCC) | -0.07% | -8.37 |
| Ultra Financials ProShares (UYG) | -3.33% | -409.88 |
| Ultra Health Care ProShares (RXL) | -1.01% | -124.41 |
| Ultra Industrials ProShares (UXI) | +0.41% | +50.17 |
| Ultra Oil & Gas ProShares (DIG) | +3.64% | +448.96 |
| Ultra Real Estate ProShares (URE) | -1.35% | -166.41 |
| Ultra Semiconductors ProShares (USD) | -5.10% | -629.05 |
| Ultra Technology ProShares (ROM) | -1.00% | -123.08 |
| Ultra Utilities ProShares (UPW) | +0.72% | +89.10 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Sunday, April 13, 2008
GE Bombs the Market
With absolutely no warning at all, GE announced they had radically missed their earnings outlook Friday. The market took this bombshell as an indication that the recession had taken a new and more ominous turn and sold most stocks indiscriminately. This panic reaction is an indication that the selling should continue into the coming week.
The market had been vulnerable going into Friday and that vulnerability certainly helped exacerbate the fall. But, overall, the market has been caught in a historically-narrow trading range since the January lows and that isn't likely to change now. Friday's plunge was not that unusual as many instances of such selloffs have occured within this trading range:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -2.04% | -256.56 |
| DIAMONDS TRUST SER 1 (DIA) | -2.06% | -258.61 |
| Ultra Dow30 ProShares (DDM) | -4.13% | -519.17 |
| UltraShort Dow30 ProShares (DXD) | +3.75% | +472.41 |
| S&P 500 (index) | -2.01% | -253.11 |
| S& P DEP RECEIPTS (SPY) | -1.97% | -247.85 |
| Ultra S&P500 ProShares (SSO) | -3.99% | -502.13 |
| UltraShort S&P500 ProShares (SDS) | +3.90% | +490.59 |
| NYSE Composite (index) | -1.77% | -222.34 |
| ISHARES NYSE CMP IDX (NYC) | -1.70% | -214.20 |
| S&P SmallCap 600 (index) | -2.53% | -318.06 |
| Ultra SmallCap 600 ProShares (SAA) | -4.92% | -619.10 |
| Short SmallCap 600 ProShares (SBB) | +2.61% | +328.60 |
| UltraShort SmallCap 600 ProShares (SDD) | +5.27% | +662.74 |
| Russell 2000 (index) | -2.69% | -338.11 |
| ISHARE RUS 2000 INDX (IWM) | -2.45% | -308.88 |
| Ultra Russell 2000 ProShares (UWM) | -5.36% | -674.35 |
| UltraShort Russell 2000 ProShares (TWM) | +5.33% | +670.71 |
| NASDAQ-100 (index) | -2.79% | -351.53 |
| NASDAQ 100 TR SER I (QQQQ) | -2.77% | -348.12 |
| Ultra QQQ ProShares (QLD) | -5.61% | -705.45 |
| UltraShort QQQ ProShares (QID) | +5.58% | +701.60 |
| S&P MidCap 400 (index) | -1.81% | -227.50 |
| ISHARE SP MC 400 INX (IJH) | -1.80% | -226.23 |
| Ultra MC400 ProShares (MVV) | -3.38% | -425.71 |
| UltraShort MC400 ProShares (MZZ) | +3.66% | +459.89 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -1.71% | -214.76 |
| Amex Gold (index) | -2.04% | -256.50 |
| MKT VECT GOLD MNRS (GDX) | -2.07% | -260.26 |
| STREETTRACKS GOLD TR (GLD) | -0.51% | -64.44 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.79% | +99.18 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.99% | -124.25 |
| Semiconductor Sector (index) | -3.41% | -429.61 |
| Ultra Semiconductors ProShares (USD) | -6.09% | -766.40 |
| UltraShort Semiconductors ProShares (SSG) | +6.98% | +877.81 |
| ISHARE DJ FIN SC INX (IYF) | -1.67% | -209.92 |
| ISHARES LEHMAN 20 YR (TLT) | +0.67% | +84.74 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.43% | +54.18 |
| ISHARES LEH AGG FD (AGG) | +0.21% | +26.99 |
| ISHARES GS $ INVEST (LQD) | +0.09% | +11.92 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.17% | +21.02 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +2.67% | +335.97 |
| Short Dow30 ProShares (DOG) | +1.96% | +245.99 |
| Short S&P500 ProShares (SH) | +1.94% | +244.35 |
| Short MC400 ProShares (MYY) | +1.52% | +191.74 |
| Short SmallCap 600 ProShares (SBB) | +2.61% | +328.60 |
| Short Russell 2000 ProShares (RWM) | +2.71% | +341.16 |
| UltraShort QQQ ProShares (QID) | +5.58% | +701.60 |
| UltraShort Dow30 ProShares (DXD) | +3.75% | +472.41 |
| UltraShort S&P500 ProShares (SDS) | +3.90% | +490.59 |
| UltraShort MC400 ProShares (MZZ) | +3.66% | +459.89 |
| UltraShort SmallCap 600 ProShares (SDD) | +5.27% | +662.74 |
| UltraShort Russell 2000 ProShares (TWM) | +5.33% | +670.71 |
| UltraShort Russell 1000 Value ProShares (SJF) | +4.60% | +578.80 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +3.75% | +472.03 |
| UltraShort Russell MidCap Value ProShares (SJL) | +2.69% | +338.67 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +4.07% | +512.69 |
| UltraShort Russell 2000 Value ProShares (SJH) | +4.86% | +611.47 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +5.52% | +693.95 |
| UltraShort Basic Materials ProShares (SMN) | +2.74% | +344.40 |
| UltraShort Consumer Goods ProShares (SZK) | +1.83% | +230.49 |
| UltraShort Consumer Services ProShares (SCC) | +3.81% | +479.77 |
| UltraShort Financials ProShares (SKF) | +4.12% | +518.26 |
| UltraShort Health Care ProShares (RXD) | +4.07% | +512.22 |
| UltraShort Industrials ProShares (SIJ) | +7.88% | +991.79 |
| UltraShort Oil & Gas ProShares (DUG) | +2.51% | +315.56 |
| UltraShort Real Estate ProShares (SRS) | +2.61% | +328.60 |
| UltraShort Semiconductors ProShares (SSG) | +6.98% | +877.81 |
| UltraShort Technology ProShares (REW) | +3.50% | +440.05 |
| UltraShort Utilities ProShares (SDP) | +0.39% | +48.46 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.72% | +216.64 |
| Short MSCI EAFE ProShares (EFZ) | +1.29% | +162.21 |
| UltraShort MSCI EAFE ProShares (EFU) | +2.78% | +349.33 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +3.58% | +450.22 |
| UltraShort MSCI Japan ProShares (EWV) | -0.28% | -35.34 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +3.68% | +462.56 |
| Ultra QQQ ProShares (QLD) | -5.61% | -705.45 |
| Ultra Dow30 ProShares (DDM) | -4.13% | -519.17 |
| Ultra S&P500 ProShares (SSO) | -3.99% | -502.13 |
| Ultra MC400 ProShares (MVV) | -3.38% | -425.71 |
| Ultra SmallCap 600 ProShares (SAA) | -4.92% | -619.10 |
| Ultra Russell 2000 ProShares (UWM) | -5.36% | -674.35 |
| Ultra Russell 1000 Value ProShares (UVG) | -3.37% | -423.72 |
| Ultra Russell 1000 Growth ProShares (UKF) | -3.64% | -458.33 |
| Ultra Russell MidCap Value ProShares (UVU) | -2.37% | -297.64 |
| Ultra Russell MidCap Growth ProShares (UKW) | -3.05% | -384.32 |
| Ultra Russell 2000 Value ProShares (UVT) | -4.37% | -549.31 |
| Ultra Russell2000 Growth ProShares (UKK) | -5.01% | -629.97 |
| Ultra Basic Materials ProShares (UYM) | -2.35% | -295.21 |
| Ultra Consumer Goods ProShares (UGE) | -2.20% | -276.86 |
| Ultra Consumer Services ProShares (UCC) | -4.00% | -503.06 |
| Ultra Financials ProShares (UYG) | -4.31% | -541.94 |
| Ultra Health Care ProShares (RXL) | -3.55% | -446.98 |
| Ultra Industrials ProShares (UXI) | -7.68% | -965.75 |
| Ultra Oil & Gas ProShares (DIG) | -2.85% | -358.22 |
| Ultra Real Estate ProShares (URE) | -2.54% | -320.07 |
| Ultra Semiconductors ProShares (USD) | -6.09% | -766.40 |
| Ultra Technology ProShares (ROM) | -5.59% | -703.24 |
| Ultra Utilities ProShares (UPW) | -0.14% | -17.81 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Thursday, April 10, 2008
Keep the Crowd Guessing
Thursday's rally took the bears by surprise, but after some initial short covering, they appeared to be coming back to sell the highs. This kind of behavior was profitable during the last several months as the market was prone to crumbling at the first hint of trouble (and the second, and the third, ...). But, this market is acting much better and it's making the bears worried. They seem to be much more anxious to cover their short bets and not be willing to hold them for longer term gains. This has undoubtedly been due to the market's annoying habit of trading in a trading range for months on end.
Longer term investors have moved to the sidelines, to the safety of money market funds, which are bulging with trillions of dollars of cash. Perhaps that's what gives the bears pause: "What if that sideline cash came back into the market?"
In any case, the short term option players still are favoring puts over calls, at least on the indices, as the market works its way slowly up the hill:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.44% | +54.72 |
| DIAMONDS TRUST SER 1 (DIA) | +0.27% | +33.89 |
| Ultra Dow30 ProShares (DDM) | +0.49% | +61.80 |
| UltraShort Dow30 ProShares (DXD) | -0.09% | -11.63 |
| S&P 500 (index) | +0.45% | +56.05 |
| S& P DEP RECEIPTS (SPY) | +0.21% | +25.83 |
| Ultra S&P500 ProShares (SSO) | +0.60% | +75.44 |
| UltraShort S&P500 ProShares (SDS) | -0.54% | -68.22 |
| NYSE Composite (index) | +0.24% | +30.42 |
| ISHARES NYSE CMP IDX (NYC) | +0.06% | +7.51 |
| S&P SmallCap 600 (index) | +0.95% | +119.55 |
| Ultra SmallCap 600 ProShares (SAA) | +1.50% | +187.45 |
| Short SmallCap 600 ProShares (SBB) | -0.86% | -107.56 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.67% | -209.67 |
| Russell 2000 (index) | +1.10% | +137.76 |
| ISHARE RUS 2000 INDX (IWM) | +0.95% | +118.44 |
| Ultra Russell 2000 ProShares (UWM) | +2.12% | +265.07 |
| UltraShort Russell 2000 ProShares (TWM) | -2.00% | -250.00 |
| NASDAQ-100 (index) | +1.39% | +174.17 |
| NASDAQ 100 TR SER I (QQQQ) | +1.43% | +178.56 |
| Ultra QQQ ProShares (QLD) | +2.23% | +278.76 |
| UltraShort QQQ ProShares (QID) | -2.29% | -286.41 |
| S&P MidCap 400 (index) | +1.25% | +156.11 |
| ISHARE SP MC 400 INX (IJH) | +1.36% | +170.45 |
| Ultra MC400 ProShares (MVV) | +2.22% | +277.73 |
| UltraShort MC400 ProShares (MZZ) | -2.19% | -274.63 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.15% | -18.41 |
| Amex Gold (index) | -0.02% | -2.02 |
| MKT VECT GOLD MNRS (GDX) | +0.06% | +7.63 |
| STREETTRACKS GOLD TR (GLD) | -0.56% | -70.58 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +1.18% | +147.49 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.98% | -122.50 |
| Semiconductor Sector (index) | +1.79% | +223.87 |
| Ultra Semiconductors ProShares (USD) | +4.82% | +604.30 |
| UltraShort Semiconductors ProShares (SSG) | -4.55% | -570.48 |
| ISHARE DJ FIN SC INX (IYF) | -0.14% | -17.89 |
| ISHARES LEHMAN 20 YR (TLT) | -0.34% | -42.04 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.40% | -49.60 |
| ISHARES LEH AGG FD (AGG) | -0.31% | -38.96 |
| ISHARES GS $ INVEST (LQD) | +0.09% | +11.88 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.04% | -4.48 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -1.38% | -173.29 |
| Short Dow30 ProShares (DOG) | -0.34% | -42.36 |
| Short S&P500 ProShares (SH) | -0.28% | -34.66 |
| Short MC400 ProShares (MYY) | -1.05% | -131.24 |
| Short SmallCap 600 ProShares (SBB) | -0.86% | -107.56 |
| Short Russell 2000 ProShares (RWM) | -1.27% | -159.61 |
| UltraShort QQQ ProShares (QID) | -2.29% | -286.41 |
| UltraShort Dow30 ProShares (DXD) | -0.09% | -11.63 |
| UltraShort S&P500 ProShares (SDS) | -0.54% | -68.22 |
| UltraShort MC400 ProShares (MZZ) | -2.19% | -274.63 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.67% | -209.67 |
| UltraShort Russell 2000 ProShares (TWM) | -2.00% | -250.00 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.26% | -33.10 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -2.10% | -263.16 |
| UltraShort Russell MidCap Value ProShares (SJL) | -0.63% | -78.51 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -2.06% | -258.52 |
| UltraShort Russell 2000 Value ProShares (SJH) | -1.55% | -194.04 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -2.55% | -319.36 |
| UltraShort Basic Materials ProShares (SMN) | +0.03% | +3.73 |
| UltraShort Consumer Goods ProShares (SZK) | -0.52% | -65.23 |
| UltraShort Consumer Services ProShares (SCC) | -1.73% | -216.45 |
| UltraShort Financials ProShares (SKF) | +0.63% | +79.45 |
| UltraShort Health Care ProShares (RXD) | -3.14% | -393.30 |
| UltraShort Industrials ProShares (SIJ) | -1.31% | -164.53 |
| UltraShort Oil & Gas ProShares (DUG) | +0.12% | +14.63 |
| UltraShort Real Estate ProShares (SRS) | -1.93% | -241.32 |
| UltraShort Semiconductors ProShares (SSG) | -4.55% | -570.48 |
| UltraShort Technology ProShares (REW) | -3.14% | -393.41 |
| UltraShort Utilities ProShares (SDP) | +0.95% | +119.56 |
| Short MSCI Emerging Markets ProShares (EUM) | -1.39% | -174.47 |
| Short MSCI EAFE ProShares (EFZ) | +0.29% | +35.99 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.39% | +49.44 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -3.13% | -392.62 |
| UltraShort MSCI Japan ProShares (EWV) | +0.17% | +21.46 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -6.05% | -757.59 |
| Ultra QQQ ProShares (QLD) | +2.23% | +278.76 |
| Ultra Dow30 ProShares (DDM) | +0.49% | +61.80 |
| Ultra S&P500 ProShares (SSO) | +0.60% | +75.44 |
| Ultra MC400 ProShares (MVV) | +2.22% | +277.73 |
| Ultra SmallCap 600 ProShares (SAA) | +1.50% | +187.45 |
| Ultra Russell 2000 ProShares (UWM) | +2.12% | +265.07 |
| Ultra Russell 1000 Growth ProShares (UKF) | +2.07% | +259.48 |
| Ultra Russell MidCap Growth ProShares (UKW) | +1.24% | +155.41 |
| Ultra Russell 2000 Value ProShares (UVT) | +1.43% | +179.76 |
| Ultra Russell2000 Growth ProShares (UKK) | +2.30% | +287.98 |
| Ultra Basic Materials ProShares (UYM) | +0.66% | +82.18 |
| Ultra Consumer Goods ProShares (UGE) | +0.85% | +106.63 |
| Ultra Consumer Services ProShares (UCC) | +2.43% | +303.91 |
| Ultra Financials ProShares (UYG) | -0.86% | -107.79 |
| Ultra Health Care ProShares (RXL) | +2.95% | +370.07 |
| Ultra Industrials ProShares (UXI) | +0.70% | +87.53 |
| Ultra Oil & Gas ProShares (DIG) | -0.14% | -17.56 |
| Ultra Real Estate ProShares (URE) | +1.82% | +227.50 |
| Ultra Semiconductors ProShares (USD) | +4.82% | +604.30 |
| Ultra Technology ProShares (ROM) | +3.07% | +384.75 |
| Ultra Utilities ProShares (UPW) | -1.22% | -152.39 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Consolidation Day
Stocks consolidated their gains on Wednesday. Volume remained light as the market searched for a reason to trend and found none readily available. Although the market is overbought short term, being overbought is actually a bullish indication. The longer the market can remain overbought the better.
Option traders were eager to see the market decline as intraday dollar-weighted figures showed more than twice as much money pouring into puts (bets the market will go down substantially) relative to calls (bets the market will rise substantially). The bearish traders were expecting the market to return to its downtrend, but were disappointed as the market has barely moved down from its yearly high so far. And, the technical indicators were showing that fewer stocks were making new 52-week lows (NYSE recorded only 26 new lows and the NASDAQ only 58). A consolidation here that frustrates the bears is just what the market needs to build up a good head of steam to make the next race to new highs.
Here is a summary of Wednesday's day in the stock market:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.39% | -49.18 |
| DIAMONDS TRUST SER 1 (DIA) | -0.35% | -43.88 |
| Ultra Dow30 ProShares (DDM) | -0.66% | -83.29 |
| UltraShort Dow30 ProShares (DXD) | +0.65% | +82.28 |
| S&P 500 (index) | -0.81% | -101.77 |
| S& P DEP RECEIPTS (SPY) | -0.77% | -97.43 |
| Ultra S&P500 ProShares (SSO) | -1.66% | -209.25 |
| UltraShort S&P500 ProShares (SDS) | +1.64% | +206.72 |
| NYSE Composite (index) | -0.83% | -104.19 |
| ISHARES NYSE CMP IDX (NYC) | -0.54% | -67.53 |
| S&P SmallCap 600 (index) | -1.87% | -234.56 |
| Ultra SmallCap 600 ProShares (SAA) | -3.38% | -425.04 |
| Short SmallCap 600 ProShares (SBB) | +1.39% | +174.48 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.45% | +433.79 |
| Russell 2000 (index) | -1.90% | -239.19 |
| ISHARE RUS 2000 INDX (IWM) | -1.70% | -214.27 |
| Ultra Russell 2000 ProShares (UWM) | -3.63% | -456.20 |
| UltraShort Russell 2000 ProShares (TWM) | +3.72% | +467.57 |
| NASDAQ-100 (index) | -1.08% | -135.91 |
| NASDAQ 100 TR SER I (QQQQ) | -1.12% | -141.25 |
| Ultra QQQ ProShares (QLD) | -1.84% | -231.42 |
| UltraShort QQQ ProShares (QID) | +1.81% | +227.07 |
| S&P MidCap 400 (index) | -1.55% | -195.40 |
| ISHARE SP MC 400 INX (IJH) | -1.73% | -217.53 |
| Ultra MC400 ProShares (MVV) | -3.32% | -416.94 |
| UltraShort MC400 ProShares (MZZ) | +3.26% | +409.51 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.89% | +237.22 |
| Amex Gold (index) | +1.64% | +206.85 |
| MKT VECT GOLD MNRS (GDX) | +1.63% | +204.89 |
| STREETTRACKS GOLD TR (GLD) | +2.15% | +270.04 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -4.15% | -521.92 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +4.16% | +523.55 |
| Semiconductor Sector (index) | +1.54% | +193.91 |
| Ultra Semiconductors ProShares (USD) | +2.36% | +296.31 |
| UltraShort Semiconductors ProShares (SSG) | -2.21% | -278.26 |
| ISHARE DJ FIN SC INX (IYF) | -1.93% | -242.19 |
| ISHARES LEHMAN 20 YR (TLT) | +1.04% | +130.60 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.60% | +75.14 |
| ISHARES LEH AGG FD (AGG) | +0.44% | +55.25 |
| ISHARES GS $ INVEST (LQD) | -0.29% | -36.86 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.19% | +24.05 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.98% | +122.76 |
| Short Dow30 ProShares (DOG) | +0.42% | +52.88 |
| Short S&P500 ProShares (SH) | +0.77% | +97.40 |
| Short MC400 ProShares (MYY) | +1.60% | +200.79 |
| Short SmallCap 600 ProShares (SBB) | +1.39% | +174.48 |
| Short Russell 2000 ProShares (RWM) | +2.00% | +250.93 |
| UltraShort QQQ ProShares (QID) | +1.81% | +227.07 |
| UltraShort Dow30 ProShares (DXD) | +0.65% | +82.28 |
| UltraShort S&P500 ProShares (SDS) | +1.64% | +206.72 |
| UltraShort MC400 ProShares (MZZ) | +3.26% | +409.51 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.45% | +433.79 |
| UltraShort Russell 2000 ProShares (TWM) | +3.72% | +467.57 |
| UltraShort Russell 1000 Value ProShares (SJF) | +1.03% | +129.72 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +1.64% | +206.29 |
| UltraShort Russell MidCap Value ProShares (SJL) | +1.97% | +248.31 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +3.09% | +388.03 |
| UltraShort Russell 2000 Value ProShares (SJH) | +3.89% | +489.31 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +3.15% | +395.86 |
| UltraShort Basic Materials ProShares (SMN) | +0.75% | +94.28 |
| UltraShort Consumer Goods ProShares (SZK) | +2.35% | +296.03 |
| UltraShort Consumer Services ProShares (SCC) | +3.00% | +377.71 |
| UltraShort Financials ProShares (SKF) | +3.62% | +455.15 |
| UltraShort Health Care ProShares (RXD) | +1.76% | +221.79 |
| UltraShort Industrials ProShares (SIJ) | +2.54% | +319.19 |
| UltraShort Oil & Gas ProShares (DUG) | -0.87% | -109.20 |
| UltraShort Real Estate ProShares (SRS) | +4.72% | +593.83 |
| UltraShort Semiconductors ProShares (SSG) | -2.21% | -278.26 |
| UltraShort Technology ProShares (REW) | +0.87% | +108.81 |
| UltraShort Utilities ProShares (SDP) | -0.12% | -15.54 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.55% | +194.81 |
| Short MSCI EAFE ProShares (EFZ) | +0.49% | +61.07 |
| UltraShort MSCI EAFE ProShares (EFU) | +1.96% | +246.72 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +3.36% | +422.96 |
| UltraShort MSCI Japan ProShares (EWV) | +3.26% | +409.89 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +7.26% | +912.48 |
| Ultra QQQ ProShares (QLD) | -1.84% | -231.42 |
| Ultra Dow30 ProShares (DDM) | -0.66% | -83.29 |
| Ultra S&P500 ProShares (SSO) | -1.66% | -209.25 |
| Ultra MC400 ProShares (MVV) | -3.32% | -416.94 |
| Ultra SmallCap 600 ProShares (SAA) | -3.38% | -425.04 |
| Ultra Russell 2000 ProShares (UWM) | -3.63% | -456.20 |
| Ultra Russell 1000 Growth ProShares (UKF) | -2.21% | -277.71 |
| Ultra Russell MidCap Growth ProShares (UKW) | -1.87% | -235.20 |
| Ultra Russell 2000 Value ProShares (UVT) | -3.67% | -461.58 |
| Ultra Russell2000 Growth ProShares (UKK) | -3.65% | -459.37 |
| Ultra Basic Materials ProShares (UYM) | -1.58% | -198.94 |
| Ultra Consumer Goods ProShares (UGE) | -2.42% | -304.06 |
| Ultra Consumer Services ProShares (UCC) | -3.83% | -481.85 |
| Ultra Financials ProShares (UYG) | -3.27% | -410.94 |
| Ultra Health Care ProShares (RXL) | -1.66% | -208.77 |
| Ultra Industrials ProShares (UXI) | -2.54% | -319.36 |
| Ultra Oil & Gas ProShares (DIG) | +1.14% | +143.90 |
| Ultra Real Estate ProShares (URE) | -4.66% | -585.45 |
| Ultra Semiconductors ProShares (USD) | +2.36% | +296.31 |
| Ultra Technology ProShares (ROM) | -0.76% | -95.29 |
| Ultra Utilities ProShares (UPW) | +0.13% | +15.85 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Tuesday, April 08, 2008
A Low Volume Wait For Direction
Stocks ambled mostly sideways Tuesday as both buyers and sellers are standing aside to assess earnings announcements. This is likely to be the pattern for the near term, but this week could see an important change in trend. We have many timing devices which point to turns this week, so it could heat up quickly.
Unlike many prior Tuesdays which saw 400-point moves, this one proved to be extremely boring:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.29% | -35.99 |
| DIAMONDS TRUST SER 1 (DIA) | +0.11% | +14.02 |
| Ultra Dow30 ProShares (DDM) | +0.20% | +25.11 |
| UltraShort Dow30 ProShares (DXD) | -0.22% | -28.23 |
| S&P 500 (index) | -0.48% | -60.74 |
| S& P DEP RECEIPTS (SPY) | -0.07% | -8.29 |
| Ultra S&P500 ProShares (SSO) | -0.11% | -14.21 |
| UltraShort S&P500 ProShares (SDS) | +0.27% | +33.94 |
| NYSE Composite (index) | -0.37% | -46.81 |
| ISHARES NYSE CMP IDX (NYC) | -0.45% | -56.93 |
| S&P SmallCap 600 (index) | -0.10% | -12.37 |
| Ultra SmallCap 600 ProShares (SAA) | -0.34% | -42.48 |
| Short SmallCap 600 ProShares (SBB) | +1.09% | +137.00 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.16% | +20.67 |
| Russell 2000 (index) | -0.12% | -14.87 |
| ISHARE RUS 2000 INDX (IWM) | +0.08% | +10.66 |
| Ultra Russell 2000 ProShares (UWM) | +0.04% | +4.95 |
| UltraShort Russell 2000 ProShares (TWM) | -0.76% | -95.71 |
| NASDAQ-100 (index) | -0.62% | -78.42 |
| NASDAQ 100 TR SER I (QQQQ) | -0.76% | -96.47 |
| Ultra QQQ ProShares (QLD) | -1.10% | -138.71 |
| UltraShort QQQ ProShares (QID) | +1.26% | +158.35 |
| S&P MidCap 400 (index) | -0.08% | -9.72 |
| ISHARE SP MC 400 INX (IJH) | +0.02% | +3.09 |
| Ultra MC400 ProShares (MVV) | +0.49% | +61.58 |
| UltraShort MC400 ProShares (MZZ) | -0.47% | -59.02 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.54% | -67.61 |
| Amex Gold (index) | -1.52% | -191.40 |
| MKT VECT GOLD MNRS (GDX) | -1.26% | -159.23 |
| STREETTRACKS GOLD TR (GLD) | -0.90% | -113.44 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +1.82% | +229.06 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -2.08% | -262.53 |
| Semiconductor Sector (index) | -2.77% | -349.82 |
| Ultra Semiconductors ProShares (USD) | -4.71% | -593.44 |
| UltraShort Semiconductors ProShares (SSG) | +4.54% | +572.37 |
| ISHARE DJ FIN SC INX (IYF) | -1.44% | -181.36 |
| ISHARES LEHMAN 20 YR (TLT) | -0.35% | -43.95 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.01% | +1.39 |
| ISHARES LEH AGG FD (AGG) | -0.01% | -1.23 |
| ISHARES GS $ INVEST (LQD) | -0.36% | -45.15 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.06% | +7.54 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.87% | +109.19 |
| Short Dow30 ProShares (DOG) | +0.13% | +16.34 |
| Short S&P500 ProShares (SH) | +0.36% | +45.09 |
| Short MC400 ProShares (MYY) | +0.05% | +6.10 |
| Short SmallCap 600 ProShares (SBB) | +1.09% | +137.00 |
| Short Russell 2000 ProShares (RWM) | -0.01% | -1.66 |
| UltraShort QQQ ProShares (QID) | +1.26% | +158.35 |
| UltraShort Dow30 ProShares (DXD) | -0.22% | -28.23 |
| UltraShort S&P500 ProShares (SDS) | +0.27% | +33.94 |
| UltraShort MC400 ProShares (MZZ) | -0.47% | -59.02 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.16% | +20.67 |
| UltraShort Russell 2000 ProShares (TWM) | -0.76% | -95.71 |
| UltraShort Russell 1000 Value ProShares (SJF) | +1.60% | +202.15 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.88% | +111.55 |
| UltraShort Russell MidCap Value ProShares (SJL) | +3.08% | +388.76 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -0.04% | -5.33 |
| UltraShort Russell 2000 Value ProShares (SJH) | +0.22% | +27.86 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +0.25% | +31.12 |
| UltraShort Basic Materials ProShares (SMN) | -2.14% | -270.16 |
| UltraShort Consumer Goods ProShares (SZK) | +0.84% | +105.43 |
| UltraShort Consumer Services ProShares (SCC) | +0.85% | +107.53 |
| UltraShort Financials ProShares (SKF) | +2.34% | +295.03 |
| UltraShort Health Care ProShares (RXD) | +0.19% | +24.22 |
| UltraShort Industrials ProShares (SIJ) | +0.66% | +83.29 |
| UltraShort Oil & Gas ProShares (DUG) | -1.57% | -197.63 |
| UltraShort Real Estate ProShares (SRS) | +2.65% | +334.36 |
| UltraShort Semiconductors ProShares (SSG) | +4.54% | +572.37 |
| UltraShort Technology ProShares (REW) | +1.76% | +222.10 |
| UltraShort Utilities ProShares (SDP) | -1.05% | -132.18 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.35% | +44.32 |
| Short MSCI EAFE ProShares (EFZ) | +1.51% | +189.85 |
| UltraShort MSCI EAFE ProShares (EFU) | +1.84% | +232.61 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.84% | +106.50 |
| UltraShort MSCI Japan ProShares (EWV) | +2.34% | +295.13 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +3.32% | +419.30 |
| Ultra QQQ ProShares (QLD) | -1.10% | -138.71 |
| Ultra Dow30 ProShares (DDM) | +0.20% | +25.11 |
| Ultra S&P500 ProShares (SSO) | -0.11% | -14.21 |
| Ultra MC400 ProShares (MVV) | +0.49% | +61.58 |
| Ultra SmallCap 600 ProShares (SAA) | -0.34% | -42.48 |
| Ultra Russell 2000 ProShares (UWM) | +0.04% | +4.95 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.14% | -143.49 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.58% | -72.87 |
| Ultra Russell MidCap Value ProShares (UVU) | -0.61% | -76.46 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.89% | -112.47 |
| Ultra Russell 2000 Value ProShares (UVT) | -0.90% | -113.20 |
| Ultra Russell2000 Growth ProShares (UKK) | +0.16% | +19.63 |
| Ultra Basic Materials ProShares (UYM) | +0.67% | +84.71 |
| Ultra Consumer Goods ProShares (UGE) | -0.59% | -74.39 |
| Ultra Consumer Services ProShares (UCC) | -0.81% | -101.76 |
| Ultra Financials ProShares (UYG) | -2.26% | -285.01 |
| Ultra Health Care ProShares (RXL) | -0.16% | -19.60 |
| Ultra Industrials ProShares (UXI) | -0.37% | -46.35 |
| Ultra Oil & Gas ProShares (DIG) | +1.40% | +176.11 |
| Ultra Real Estate ProShares (URE) | -2.60% | -327.78 |
| Ultra Semiconductors ProShares (USD) | -4.71% | -593.44 |
| Ultra Technology ProShares (ROM) | -1.66% | -209.32 |
| Ultra Utilities ProShares (UPW) | +1.19% | +150.08 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Monday, April 07, 2008
Earnings Season Begins
Stocks entered earnings season again on Monday. As is pretty typical, the market stalled out as buyers waited to see whether corporate forecasts would paint a rosy picture for the future, or not.
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.02% | +3.01 |
| DIAMONDS TRUST SER 1 (DIA) | -0.07% | -9.00 |
| Ultra Dow30 ProShares (DDM) | -0.09% | -11.70 |
| UltraShort Dow30 ProShares (DXD) | +0.19% | +23.56 |
| S&P 500 (index) | +0.13% | +16.38 |
| S& P DEP RECEIPTS (SPY) | +0.03% | +3.68 |
| Ultra S&P500 ProShares (SSO) | -0.04% | -5.33 |
| UltraShort S&P500 ProShares (SDS) | -0.07% | -8.48 |
| NYSE Composite (index) | +0.30% | +37.44 |
| ISHARES NYSE CMP IDX (NYC) | +0.35% | +43.58 |
| S&P SmallCap 600 (index) | -0.22% | -27.35 |
| Ultra SmallCap 600 ProShares (SAA) | -0.15% | -18.85 |
| Short SmallCap 600 ProShares (SBB) | -0.42% | -53.52 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.66% | +83.20 |
| Russell 2000 (index) | -0.07% | -8.31 |
| ISHARE RUS 2000 INDX (IWM) | -0.28% | -35.44 |
| Ultra Russell 2000 ProShares (UWM) | -0.41% | -51.73 |
| UltraShort Russell 2000 ProShares (TWM) | +0.83% | +104.80 |
| NASDAQ-100 (index) | -0.47% | -59.53 |
| NASDAQ 100 TR SER I (QQQQ) | -0.22% | -27.50 |
| Ultra QQQ ProShares (QLD) | -0.52% | -65.69 |
| UltraShort QQQ ProShares (QID) | +0.42% | +52.99 |
| S&P MidCap 400 (index) | +0.27% | +34.19 |
| ISHARE SP MC 400 INX (IJH) | +0.25% | +31.02 |
| Ultra MC400 ProShares (MVV) | +0.22% | +27.22 |
| UltraShort MC400 ProShares (MZZ) | -0.28% | -34.87 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.33% | +167.42 |
| Amex Gold (index) | +0.46% | +57.56 |
| MKT VECT GOLD MNRS (GDX) | +0.35% | +43.80 |
| STREETTRACKS GOLD TR (GLD) | +1.02% | +128.54 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -2.00% | -251.91 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +2.44% | +308.09 |
| Semiconductor Sector (index) | +0.13% | +16.40 |
| Ultra Semiconductors ProShares (USD) | -1.44% | -181.97 |
| UltraShort Semiconductors ProShares (SSG) | +1.41% | +177.83 |
| ISHARE DJ FIN SC INX (IYF) | +0.71% | +89.11 |
| ISHARES LEHMAN 20 YR (TLT) | -0.53% | -66.23 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.66% | -83.17 |
| ISHARES LEH AGG FD (AGG) | -0.01% | -1.23 |
| ISHARES GS $ INVEST (LQD) | +0.11% | +14.27 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.19% | -24.08 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.34% | +42.96 |
| Short Dow30 ProShares (DOG) | +0.06% | +8.17 |
| Short S&P500 ProShares (SH) | +0.02% | +1.96 |
| Short MC400 ProShares (MYY) | -0.14% | -18.28 |
| Short SmallCap 600 ProShares (SBB) | -0.42% | -53.52 |
| Short Russell 2000 ProShares (RWM) | +0.28% | +34.85 |
| UltraShort QQQ ProShares (QID) | +0.42% | +52.99 |
| UltraShort Dow30 ProShares (DXD) | +0.19% | +23.56 |
| UltraShort S&P500 ProShares (SDS) | -0.07% | -8.48 |
| UltraShort MC400 ProShares (MZZ) | -0.28% | -34.87 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.66% | +83.20 |
| UltraShort Russell 2000 ProShares (TWM) | +0.83% | +104.80 |
| UltraShort Russell 1000 Value ProShares (SJF) | -1.57% | -197.40 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.34% | +43.32 |
| UltraShort Russell MidCap Value ProShares (SJL) | -2.40% | -302.60 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +0.78% | +98.43 |
| UltraShort Russell 2000 Value ProShares (SJH) | +0.19% | +23.72 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +0.46% | +57.57 |
| UltraShort Basic Materials ProShares (SMN) | +0.44% | +55.75 |
| UltraShort Consumer Goods ProShares (SZK) | +0.16% | +20.74 |
| UltraShort Consumer Services ProShares (SCC) | +0.46% | +58.26 |
| UltraShort Financials ProShares (SKF) | -1.09% | -137.36 |
| UltraShort Health Care ProShares (RXD) | -0.89% | -112.01 |
| UltraShort Industrials ProShares (SIJ) | +0.88% | +110.53 |
| UltraShort Oil & Gas ProShares (DUG) | -0.28% | -35.82 |
| UltraShort Real Estate ProShares (SRS) | -0.24% | -30.06 |
| UltraShort Semiconductors ProShares (SSG) | +1.41% | +177.83 |
| UltraShort Technology ProShares (REW) | +0.51% | +64.31 |
| UltraShort Utilities ProShares (SDP) | -0.33% | -41.71 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.94% | -118.19 |
| Short MSCI EAFE ProShares (EFZ) | -0.57% | -71.82 |
| UltraShort MSCI EAFE ProShares (EFU) | -1.05% | -132.63 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -2.58% | -324.80 |
| UltraShort MSCI Japan ProShares (EWV) | -0.26% | -32.52 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -4.13% | -520.39 |
| Ultra QQQ ProShares (QLD) | -0.52% | -65.69 |
| Ultra Dow30 ProShares (DDM) | -0.09% | -11.70 |
| Ultra S&P500 ProShares (SSO) | -0.04% | -5.33 |
| Ultra MC400 ProShares (MVV) | +0.22% | +27.22 |
| Ultra SmallCap 600 ProShares (SAA) | -0.15% | -18.85 |
| Ultra Russell 2000 ProShares (UWM) | -0.41% | -51.73 |
| Ultra Russell 1000 Value ProShares (UVG) | +0.56% | +70.91 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.23% | +29.21 |
| Ultra Russell MidCap Value ProShares (UVU) | +0.72% | +90.26 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.47% | -59.25 |
| Ultra Russell 2000 Value ProShares (UVT) | -0.31% | -38.60 |
| Ultra Russell2000 Growth ProShares (UKK) | -0.93% | -116.69 |
| Ultra Basic Materials ProShares (UYM) | +0.83% | +104.68 |
| Ultra Consumer Goods ProShares (UGE) | -0.93% | -117.88 |
| Ultra Consumer Services ProShares (UCC) | -0.11% | -13.37 |
| Ultra Financials ProShares (UYG) | +0.82% | +103.42 |
| Ultra Health Care ProShares (RXL) | +0.84% | +105.37 |
| Ultra Industrials ProShares (UXI) | -0.66% | -83.21 |
| Ultra Oil & Gas ProShares (DIG) | +0.61% | +76.85 |
| Ultra Real Estate ProShares (URE) | +0.17% | +20.95 |
| Ultra Semiconductors ProShares (USD) | -1.44% | -181.97 |
| Ultra Technology ProShares (ROM) | -0.61% | -76.41 |
| Ultra Utilities ProShares (UPW) | +0.18% | +23.26 |
Since so much bad news is already discounted in the market, it's possible that the dips will be well-supported. Most models are forecasting a choppy advance for the next week.
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Sunday, April 06, 2008
Fake Jobs Report Friday
Friday was the day of the month when the government releases a piece of fiction it calls "The Monthly Employment Report." It did not disappoint, at least in the fictional category, although it did show jobs being lost last month.
According to the government, all those layoffs in construction and financial firms we have been seeing are not slowing the hiring of workers in those industries. No, according to the bean counters at the Bureau of Labor Statistics (BS with an extra L in the middle), new jobs are being created in both of those sectors. The government says, in fact, that the number of new jobs created in both of those sectors actually exceeded the number of jobs lost due to layoffs by 37,000 in construction and 1000 in finance. That should come as a relief to all those workers who have recently lost their jobs and can't find any openings anywhere. Well, the government admits it can't find those jobs either, but, trust them, they are pretty sure they are there somewhere, hiding under a rock, perhaps? So, get to work!
By the way, the gang that writes the Employment Report also figures out what the inflation rate is. That's why everyone who gets their income adjusted for inflation is dependent upon the same crew for accuracy in computing their checks. Never have so many been so cheated by so few.
Actually, we shouldn't blame the government wage-slaves for getting it wrong. It's a politically-corrupt Administration from the top. They will say or do anything at all if it's in line with their goals. Once there was a press which questioned government, but no more. The once-free press has indeed become the lap dogs of politicians.
In any case, the markets reacted to the numbers like actors in a play. That is to say, they acted like they believed the report was not fiction. But, then, that's what actors are supposed to do:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.13% | -16.61 |
| DIAMONDS TRUST SER 1 (DIA) | -0.15% | -19.00 |
| Ultra Dow30 ProShares (DDM) | -0.36% | -45.04 |
| UltraShort Dow30 ProShares (DXD) | +0.24% | +30.74 |
| S&P 500 (index) | +0.05% | +5.81 |
| S& P DEP RECEIPTS (SPY) | -0.09% | -11.98 |
| Ultra S&P500 ProShares (SSO) | -0.17% | -21.30 |
| UltraShort S&P500 ProShares (SDS) | +0.13% | +17.00 |
| NYSE Composite (index) | +0.18% | +23.33 |
| ISHARES NYSE CMP IDX (NYC) | +0.18% | +22.61 |
| S&P SmallCap 600 (index) | -0.13% | -17.01 |
| Ultra SmallCap 600 ProShares (SAA) | -0.15% | -18.84 |
| Short SmallCap 600 ProShares (SBB) | +0.18% | +22.51 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.26% | +33.06 |
| Russell 2000 (index) | 0.00% | 0.00 |
| ISHARE RUS 2000 INDX (IWM) | +0.01% | +1.77 |
| Ultra Russell 2000 ProShares (UWM) | -0.29% | -36.89 |
| UltraShort Russell 2000 ProShares (TWM) | +0.28% | +35.08 |
| NASDAQ-100 (index) | +0.59% | +74.18 |
| NASDAQ 100 TR SER I (QQQQ) | +0.59% | +74.78 |
| Ultra QQQ ProShares (QLD) | +0.30% | +37.94 |
| UltraShort QQQ ProShares (QID) | -0.29% | -36.20 |
| S&P MidCap 400 (index) | +0.41% | +51.79 |
| ISHARE SP MC 400 INX (IJH) | +0.49% | +62.43 |
| Ultra MC400 ProShares (MVV) | +0.62% | +78.62 |
| UltraShort MC400 ProShares (MZZ) | -0.57% | -71.60 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +2.63% | +332.37 |
| Amex Gold (index) | +1.06% | +133.54 |
| MKT VECT GOLD MNRS (GDX) | +0.82% | +104.05 |
| STREETTRACKS GOLD TR (GLD) | +0.93% | +117.20 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -1.40% | -176.37 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +1.72% | +216.81 |
| Semiconductor Sector (index) | -0.38% | -48.39 |
| Ultra Semiconductors ProShares (USD) | +0.19% | +24.34 |
| UltraShort Semiconductors ProShares (SSG) | -0.58% | -72.68 |
| ISHARE DJ FIN SC INX (IYF) | -1.13% | -143.17 |
| ISHARES LEHMAN 20 YR (TLT) | +0.91% | +115.10 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.78% | +97.91 |
| ISHARES LEH AGG FD (AGG) | +0.51% | +64.41 |
| ISHARES GS $ INVEST (LQD) | +1.21% | +153.08 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.18% | +22.65 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.46% | -57.80 |
| Short Dow30 ProShares (DOG) | +0.02% | +2.05 |
| Short S&P500 ProShares (SH) | -0.06% | -7.85 |
| Short MC400 ProShares (MYY) | -0.35% | -44.59 |
| Short SmallCap 600 ProShares (SBB) | +0.18% | +22.51 |
| Short Russell 2000 ProShares (RWM) | +0.03% | +3.33 |
| UltraShort QQQ ProShares (QID) | -0.29% | -36.20 |
| UltraShort Dow30 ProShares (DXD) | +0.24% | +30.74 |
| UltraShort S&P500 ProShares (SDS) | +0.13% | +17.00 |
| UltraShort MC400 ProShares (MZZ) | -0.57% | -71.60 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.26% | +33.06 |
| UltraShort Russell 2000 ProShares (TWM) | +0.28% | +35.08 |
| UltraShort Russell 1000 Value ProShares (SJF) | +0.38% | +47.68 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.20% | -25.25 |
| UltraShort Russell MidCap Value ProShares (SJL) | -0.57% | -72.07 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -1.54% | -194.08 |
| UltraShort Russell 2000 Value ProShares (SJH) | +0.43% | +54.73 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -0.52% | -65.54 |
| UltraShort Basic Materials ProShares (SMN) | -4.02% | -507.18 |
| UltraShort Consumer Goods ProShares (SZK) | -0.61% | -76.93 |
| UltraShort Consumer Services ProShares (SCC) | +0.27% | +34.24 |
| UltraShort Financials ProShares (SKF) | +2.60% | +328.45 |
| UltraShort Health Care ProShares (RXD) | -1.67% | -211.12 |
| UltraShort Industrials ProShares (SIJ) | -0.85% | -107.54 |
| UltraShort Oil & Gas ProShares (DUG) | -2.38% | -301.12 |
| UltraShort Real Estate ProShares (SRS) | +3.49% | +440.49 |
| UltraShort Semiconductors ProShares (SSG) | -0.58% | -72.68 |
| UltraShort Technology ProShares (REW) | -0.16% | -20.80 |
| UltraShort Utilities ProShares (SDP) | -0.49% | -61.25 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.11% | +13.54 |
| Short MSCI EAFE ProShares (EFZ) | -0.34% | -43.33 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.63% | -79.50 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.50% | +63.32 |
| UltraShort MSCI Japan ProShares (EWV) | -0.68% | -85.70 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +1.84% | +231.85 |
| Ultra QQQ ProShares (QLD) | +0.30% | +37.94 |
| Ultra Dow30 ProShares (DDM) | -0.36% | -45.04 |
| Ultra S&P500 ProShares (SSO) | -0.17% | -21.30 |
| Ultra MC400 ProShares (MVV) | +0.62% | +78.62 |
| Ultra SmallCap 600 ProShares (SAA) | -0.15% | -18.84 |
| Ultra Russell 2000 ProShares (UWM) | -0.29% | -36.89 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.31% | -39.05 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.50% | +62.98 |
| Ultra Russell MidCap Value ProShares (UVU) | 0.00% | 0.00 |
| Ultra Russell MidCap Growth ProShares (UKW) | +1.02% | +128.75 |
| Ultra Russell 2000 Value ProShares (UVT) | +0.17% | +20.84 |
| Ultra Russell2000 Growth ProShares (UKK) | +0.52% | +66.07 |
| Ultra Basic Materials ProShares (UYM) | +4.02% | +507.85 |
| Ultra Consumer Goods ProShares (UGE) | +1.32% | +166.30 |
| Ultra Consumer Services ProShares (UCC) | -0.23% | -29.39 |
| Ultra Financials ProShares (UYG) | -2.78% | -350.52 |
| Ultra Health Care ProShares (RXL) | +1.97% | +248.80 |
| Ultra Industrials ProShares (UXI) | +0.81% | +101.87 |
| Ultra Oil & Gas ProShares (DIG) | +2.16% | +273.15 |
| Ultra Real Estate ProShares (URE) | -3.32% | -419.18 |
| Ultra Semiconductors ProShares (USD) | +0.19% | +24.34 |
| Ultra Technology ProShares (ROM) | -1.31% | -165.69 |
| Ultra Utilities ProShares (UPW) | +1.02% | +128.52 |
Economists said that the report showed that the economy entered a recession in December, making the current month the 5th month of economic decline. Now we have confirmation that the Federal Reserve is getting everything it wanted by engineering this recession: elimination of its competition and assumption of new powers over the markets and the economy. Don't you just love it when the fox gets control of whole henhouse? Especially significant when you consider that the law which created the Federal Reserve is actually unconstitutional (it violates the provision preventing the government from printing money).
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Thursday, April 03, 2008
Death of the Bear
Thursday was a neutral day on Wall Street, but the fur was flying in Washington. Congress heard testimony from the players involved in the recent death of Bear Stearns as a public company. It was clear that Bear was a casualty of a real bear raid conducted by traders who decided to get rich and destroy the company in the process. Perhaps it was a real life takeoff on Trading Places, where two traders get rich and put their employers in the poorhouse at the same time. The Fed seems to be gaining more power while putting one of their competitors, Bear Stearns, in the poorhouse.
Winthorp lost the bet and had to pay Valentine a dollar. Bear shareholders actually were offered $2 for their shares, at least initially. Still, a pittance. They should salvage over $10/share once the final settlement checks are mailed, so they can start rebuilding their stakes, like the Duke Brothers did in Coming To America.
The Fed's hand in the plot is not obvious to most folks, unfortunately, but it is clear from the circumstantial evidence that this war against investment banks is proceeding according to plan. The battleground is the American economy (even the world economy, considering America is the engine of world growth and prosperity). That the Fed is getting away with this war unchallenged by either Congress or the Bush Administration proves they have become the most powerful organization on the planet. How else can one explain the fact that the Fed clearly engineered this recession and is now being rewarded for it by being given the new responsiblity of assuring the safety of the markets? The fox guarding the henhouse, indeed.
But, it's just human nature. Create a crisis, intervene to save the world and you will be rewarded. Politicians have used this method for centuries in order to mobilize the patriots to wage war. Why not economic warfare? It's an enlightened century when both kinds of wars are waged at once by and within the very same country.
While the politicians and bankers were conducting polite warfare in Congress Thursday, the markets were going nowhere fast. In addition to watching the generals of the opposing armies testifying before Congress, they were waiting for the Government's Fictitous Jobs Report to be released Friday morning. What will it show? Well, that depends upon what the politicians want it to show. Like the Consumer Price Index, the numbers are a figment of the government's ability to lie effectively. And so it goes on Wall Street:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.16% | +20.20 |
| DIAMONDS TRUST SER 1 (DIA) | +0.07% | +8.99 |
| Ultra Dow30 ProShares (DDM) | +0.25% | +31.72 |
| UltraShort Dow30 ProShares (DXD) | -0.17% | -21.21 |
| S&P 500 (index) | +0.10% | +11.98 |
| S& P DEP RECEIPTS (SPY) | +0.18% | +23.04 |
| Ultra S&P500 ProShares (SSO) | +0.42% | +53.38 |
| UltraShort S&P500 ProShares (SDS) | -0.24% | -29.63 |
| NYSE Composite (index) | +0.40% | +50.09 |
| ISHARES NYSE CMP IDX (NYC) | +0.47% | +58.98 |
| S&P SmallCap 600 (index) | +0.15% | +18.34 |
| Ultra SmallCap 600 ProShares (SAA) | -0.43% | -53.86 |
| Short SmallCap 600 ProShares (SBB) | -0.12% | -15.54 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.14% | -17.35 |
| Russell 2000 (index) | +0.09% | +10.97 |
| ISHARE RUS 2000 INDX (IWM) | +0.27% | +33.75 |
| Ultra Russell 2000 ProShares (UWM) | +0.67% | +84.04 |
| UltraShort Russell 2000 ProShares (TWM) | -0.71% | -89.41 |
| NASDAQ-100 (index) | +0.59% | +74.93 |
| NASDAQ 100 TR SER I (QQQQ) | +0.22% | +27.71 |
| Ultra QQQ ProShares (QLD) | +0.50% | +62.89 |
| UltraShort QQQ ProShares (QID) | -0.53% | -66.38 |
| S&P MidCap 400 (index) | +0.41% | +51.14 |
| ISHARE SP MC 400 INX (IJH) | +0.36% | +45.35 |
| Ultra MC400 ProShares (MVV) | +1.04% | +130.95 |
| UltraShort MC400 ProShares (MZZ) | -0.94% | -118.03 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -1.04% | -131.35 |
| Amex Gold (index) | +0.38% | +48.27 |
| MKT VECT GOLD MNRS (GDX) | +0.41% | +52.16 |
| STREETTRACKS GOLD TR (GLD) | +0.17% | +21.18 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -0.25% | -31.53 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +0.32% | +40.00 |
| Semiconductor Sector (index) | +2.57% | +323.50 |
| Ultra Semiconductors ProShares (USD) | +2.61% | +329.17 |
| UltraShort Semiconductors ProShares (SSG) | -2.26% | -285.50 |
| ISHARE DJ FIN SC INX (IYF) | +0.22% | +27.49 |
| ISHARES LEHMAN 20 YR (TLT) | +0.22% | +28.12 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.01% | -1.40 |
| ISHARES LEH AGG FD (AGG) | +0.31% | +39.70 |
| ISHARES GS $ INVEST (LQD) | +0.05% | +6.02 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.07% | -9.04 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.34% | -42.60 |
| Short Dow30 ProShares (DOG) | -0.06% | -8.17 |
| Short S&P500 ProShares (SH) | -0.11% | -13.70 |
| Short MC400 ProShares (MYY) | -0.45% | -56.41 |
| Short SmallCap 600 ProShares (SBB) | -0.12% | -15.54 |
| Short Russell 2000 ProShares (RWM) | -0.26% | -33.10 |
| UltraShort QQQ ProShares (QID) | -0.53% | -66.38 |
| UltraShort Dow30 ProShares (DXD) | -0.17% | -21.21 |
| UltraShort S&P500 ProShares (SDS) | -0.24% | -29.63 |
| UltraShort MC400 ProShares (MZZ) | -0.94% | -118.03 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.14% | -17.35 |
| UltraShort Russell 2000 ProShares (TWM) | -0.71% | -89.41 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.02% | -3.07 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -1.21% | -152.99 |
| UltraShort Russell MidCap Value ProShares (SJL) | -0.30% | -37.31 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -0.62% | -78.78 |
| UltraShort Russell 2000 Value ProShares (SJH) | -0.03% | -4.20 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -0.28% | -35.89 |
| UltraShort Basic Materials ProShares (SMN) | -4.30% | -542.59 |
| UltraShort Consumer Goods ProShares (SZK) | -0.19% | -24.31 |
| UltraShort Consumer Services ProShares (SCC) | +0.34% | +42.88 |
| UltraShort Financials ProShares (SKF) | -0.52% | -65.74 |
| UltraShort Health Care ProShares (RXD) | -0.20% | -25.12 |
| UltraShort Industrials ProShares (SIJ) | -0.07% | -8.76 |
| UltraShort Oil & Gas ProShares (DUG) | -0.39% | -48.75 |
| UltraShort Real Estate ProShares (SRS) | -3.73% | -470.42 |
| UltraShort Semiconductors ProShares (SSG) | -2.26% | -285.50 |
| UltraShort Technology ProShares (REW) | -0.67% | |