Market Clues
News from Market Clues
 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."
|
|
| Sign up now for a 3-month free trial to Market Clues! Just click the PayPal button below to start your subscription with a three-month free trial period. |
Sunday, June 29, 2008
Cracking Down on Commodity Speculation
Over the last several years, commodities have been treated to massive rules changes promulgated by the Republicans. The latter group believes that free markets will always find the right price if only they are given a chance to do so. That is a bald-faced lie and the last several years constitute a textbook case study in just how wrong that idea can be.
The outcome of those failed "free market" policies is clear: rampant unemployment (several times the "official" rate when methodology used by the government into the Clinton Administration are utilized), out-of-control inflation (again, methodology changes are the only reason we aren't seeing headlines about inflation rates in the 'teens), and huge increases in energy, food and other commodity prices (a direct result of a new kind of rampant speculator created by the government). The policies of the bush currently in the White House are an utter failure. And, we're not even mentioning his wars, either, which have cost far too many human beings intense suffering and death.
But, markets are forward-looking and markets are sensing a change in the air coming early next year. Still, the bush in the White House may actually be ordering that speculators be routed from the oil market. That it took $140/barrel oil before the Republicans decided to take action is scandalous and suggests that the personal financial interests of the Good-Ol'-Boy bush-league network of oilmen has been piling up the profits for far too long. Now that the economy is accelerating downward, they finally seem to be paying some attention to slamming the door on speculators in oil pushing the price far beyond where it should be given supply-and-demand fundamentals with this announcement. Or, perhaps they've decided that more "tax rebate bribes" for consumers wouldn't be enough to offset the drag of skyrocketing oil prices after all.
For today, though, the market is suffering from those failed Republican policies. Here are last week's results in stocks:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -4.19% | -496.18 |
| DIAMONDS TRUST SER 1 (DIA) | -4.02% | -476.19 |
| Ultra Dow30 ProShares (DDM) | -8.43% | -998.16 |
| UltraShort Dow30 ProShares (DXD) | +8.11% | +960.38 |
| S&P 500 (index) | -2.93% | -346.62 |
| S& P DEP RECEIPTS (SPY) | -2.94% | -348.39 |
| Ultra S&P500 ProShares (SSO) | -6.27% | -742.43 |
| UltraShort S&P500 ProShares (SDS) | +5.77% | +683.56 |
| NYSE Composite (index) | -2.33% | -275.96 |
| ISHARES NYSE CMP IDX (NYC) | -2.93% | -347.54 |
| S&P SmallCap 600 (index) | -4.16% | -492.25 |
| Ultra SmallCap 600 ProShares (SAA) | -8.03% | -950.79 |
| Short SmallCap 600 ProShares (SBB) | +3.00% | +355.18 |
| UltraShort SmallCap 600 ProShares (SDD) | +8.14% | +964.52 |
| Russell 2000 (index) | -3.80% | -450.22 |
| ISHARE RUS 2000 INDX (IWM) | -3.95% | -468.36 |
| Ultra Russell 2000 ProShares (UWM) | -7.65% | -905.76 |
| UltraShort Russell 2000 ProShares (TWM) | +7.30% | +864.68 |
| NASDAQ-100 (index) | -3.67% | -435.14 |
| NASDAQ 100 TR SER I (QQQQ) | -3.73% | -442.04 |
| Ultra QQQ ProShares (QLD) | -7.99% | -946.37 |
| UltraShort QQQ ProShares (QID) | +7.55% | +894.50 |
| S&P MidCap 400 (index) | -3.64% | -431.35 |
| ISHARE SP MC 400 INX (IJH) | -4.03% | -477.43 |
| Ultra MC400 ProShares (MVV) | -7.84% | -928.78 |
| UltraShort MC400 ProShares (MZZ) | +7.58% | +897.48 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.65% | +195.37 |
| Amex Gold (index) | +9.93% | +1175.61 |
| MKT VECT GOLD MNRS (GDX) | +10.49% | +1241.77 |
| STREETTRACKS GOLD TR (GLD) | +2.83% | +335.51 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -5.79% | -685.56 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +6.20% | +733.67 |
| Semiconductor Sector (index) | -3.66% | -433.39 |
| Ultra Semiconductors ProShares (USD) | -8.27% | -979.12 |
| UltraShort Semiconductors ProShares (SSG) | +7.37% | +872.93 |
| ISHARE DJ FIN SC INX (IYF) | -6.72% | -796.32 |
| ISHARES LEHMAN 20 YR (TLT) | +2.79% | +330.98 |
| ISHARESLEHMAN 7-10YR (IEF) | +1.54% | +181.86 |
| ISHARES LEH AGG FD (AGG) | +0.49% | +58.11 |
| ISHARES GS $ INVEST (LQD) | -0.04% | -4.66 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.49% | +57.46 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +3.52% | +417.41 |
| Short Dow30 ProShares (DOG) | +3.99% | +472.40 |
| Short S&P500 ProShares (SH) | +2.51% | +297.57 |
| Short MC400 ProShares (MYY) | +3.52% | +417.36 |
| Short SmallCap 600 ProShares (SBB) | +3.00% | +355.18 |
| Short Russell 2000 ProShares (RWM) | +3.71% | +439.33 |
| UltraShort QQQ ProShares (QID) | +7.55% | +894.50 |
| UltraShort Dow30 ProShares (DXD) | +8.11% | +960.38 |
| UltraShort S&P500 ProShares (SDS) | +5.77% | +683.56 |
| UltraShort MC400 ProShares (MZZ) | +7.58% | +897.48 |
| UltraShort SmallCap 600 ProShares (SDD) | +8.14% | +964.52 |
| UltraShort Russell 2000 ProShares (TWM) | +7.30% | +864.68 |
| UltraShort Russell 1000 Value ProShares (SJF) | +5.65% | +668.70 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +5.93% | +702.65 |
| UltraShort Russell MidCap Value ProShares (SJL) | +7.46% | +883.40 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +5.92% | +701.62 |
| UltraShort Russell 2000 Value ProShares (SJH) | +8.77% | +1038.12 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +5.79% | +685.54 |
| UltraShort Basic Materials ProShares (SMN) | +5.42% | +641.43 |
| UltraShort Consumer Goods ProShares (SZK) | +6.59% | +780.62 |
| UltraShort Consumer Services ProShares (SCC) | +7.02% | +831.11 |
| UltraShort Financials ProShares (SKF) | +12.26% | +1451.46 |
| UltraShort Health Care ProShares (RXD) | -0.45% | -53.72 |
| UltraShort Industrials ProShares (SIJ) | +11.04% | +1307.25 |
| UltraShort Oil & Gas ProShares (DUG) | -4.18% | -495.17 |
| UltraShort Real Estate ProShares (SRS) | +8.49% | +1005.40 |
| UltraShort Semiconductors ProShares (SSG) | +7.37% | +872.93 |
| UltraShort Technology ProShares (REW) | +6.37% | +754.22 |
| UltraShort Utilities ProShares (SDP) | +3.65% | +432.77 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.64% | +76.29 |
| Short MSCI EAFE ProShares (EFZ) | +1.43% | +168.97 |
| UltraShort MSCI EAFE ProShares (EFU) | +3.09% | +366.02 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.94% | +110.90 |
| UltraShort MSCI Japan ProShares (EWV) | +0.80% | +94.55 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +2.07% | +244.83 |
| Ultra QQQ ProShares (QLD) | -7.99% | -946.37 |
| Ultra Dow30 ProShares (DDM) | -8.43% | -998.16 |
| Ultra S&P500 ProShares (SSO) | -6.27% | -742.43 |
| Ultra MC400 ProShares (MVV) | -7.84% | -928.78 |
| Ultra SmallCap 600 ProShares (SAA) | -8.03% | -950.79 |
| Ultra Russell 2000 ProShares (UWM) | -7.65% | -905.76 |
| Ultra Russell 1000 Value ProShares (UVG) | -6.96% | -824.09 |
| Ultra Russell 1000 Growth ProShares (UKF) | -5.69% | -673.37 |
| Ultra Russell MidCap Value ProShares (UVU) | -6.51% | -771.29 |
| Ultra Russell MidCap Growth ProShares (UKW) | -6.90% | -817.69 |
| Ultra Russell 2000 Value ProShares (UVT) | -8.47% | -1003.47 |
| Ultra Russell2000 Growth ProShares (UKK) | -6.32% | -748.83 |
| Ultra Basic Materials ProShares (UYM) | -5.61% | -664.27 |
| Ultra Consumer Goods ProShares (UGE) | -6.50% | -769.88 |
| Ultra Consumer Services ProShares (UCC) | -7.36% | -872.19 |
| Ultra Financials ProShares (UYG) | -12.14% | -1437.29 |
| Ultra Health Care ProShares (RXL) | +0.15% | +18.18 |
| Ultra Industrials ProShares (UXI) | -10.34% | -1224.22 |
| Ultra Oil & Gas ProShares (DIG) | +2.76% | +326.80 |
| Ultra Real Estate ProShares (URE) | -10.40% | -1231.40 |
| Ultra Semiconductors ProShares (USD) | -8.27% | -979.12 |
| Ultra Technology ProShares (ROM) | -7.71% | -913.11 |
| Ultra Utilities ProShares (UPW) | -5.06% | -599.24 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | -5.82% | -689.72 |
| PowerShares DB Base Metals Double Short (BOM) | -0.70% | -83.25 |
| PowerShares DB Base Metals Double Long (BDD) | +0.40% | +47.77 |
| PowerShares DB Base Metals Long (BDG) | +1.00% | +118.52 |
| PowerShares DB Crude Oil Double Short (DTO) | -8.26% | -978.66 |
| PowerShares DB Crude Oil Short (SZO) | -4.16% | -492.66 |
| PowerShares DB Crude Oil Double Long (DXO) | +9.31% | +1102.10 |
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).
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 . . . .
Friday, June 27, 2008
A Buy Signal From CNBC-TV
One of the best buy signals for the stock market has always been the image of a bear on the cover of a major magazine. The reliability of this signal is based upon the known fact that mass market journalists only report things everyone already knows. By the time the journalists find out about a correction in stocks and when they become so bold and so sanguine of the trend that they actually predict what the market will do, comes at the very end of the correction and they are exactly wrong on direction.
Example: It's 2002 and stocks are plunging. Maria Bartiromo on CNBC-TV says, at the closing bell, "Investors might as well sell stocks short!" Result: the very next day, the market makes its low and starts a five-year bull market romp to the upside.
Back to the future (today): Maria Bartiromo says, "You've got to sell this market, it's going lower!"
And, CNBC-TV's website posts this article: Shorting Stocks Could Be Way to Play This Market.
Of course, we'll need confirmation of this signal and the signal may be a day or two early, but when such a major buy signal is given by a television journalist with such a great track record, you just have to buy, buy, buy!
But, buyers were taking a holiday on Thursday, leaving the floor open to the short sellers, who had a field day in this post-uptick-rule era:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -3.03% | -358.41 |
| DIAMONDS TRUST SER 1 (DIA) | -2.90% | -342.34 |
| Ultra Dow30 ProShares (DDM) | -5.60% | -661.10 |
| UltraShort Dow30 ProShares (DXD) | +5.67% | +669.89 |
| S&P 500 (index) | -2.85% | -336.58 |
| S& P DEP RECEIPTS (SPY) | -2.78% | -328.75 |
| Ultra S&P500 ProShares (SSO) | -5.73% | -676.25 |
| UltraShort S&P500 ProShares (SDS) | +5.63% | +665.59 |
| NYSE Composite (index) | -2.54% | -299.84 |
| ISHARES NYSE CMP IDX (NYC) | -2.48% | -292.89 |
| S&P SmallCap 600 (index) | -2.28% | -268.99 |
| Ultra SmallCap 600 ProShares (SAA) | -3.22% | -379.87 |
| Short SmallCap 600 ProShares (SBB) | +2.37% | +279.83 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.93% | +464.45 |
| Russell 2000 (index) | -2.50% | -294.84 |
| ISHARE RUS 2000 INDX (IWM) | -2.57% | -303.97 |
| Ultra Russell 2000 ProShares (UWM) | -5.28% | -623.87 |
| UltraShort Russell 2000 ProShares (TWM) | +4.61% | +544.18 |
| NASDAQ-100 (index) | -3.96% | -467.87 |
| NASDAQ 100 TR SER I (QQQQ) | -4.04% | -476.74 |
| Ultra QQQ ProShares (QLD) | -6.82% | -805.55 |
| UltraShort QQQ ProShares (QID) | +6.63% | +783.06 |
| S&P MidCap 400 (index) | -2.65% | -313.26 |
| ISHARE SP MC 400 INX (IJH) | -2.48% | -293.27 |
| Ultra MC400 ProShares (MVV) | -4.85% | -573.16 |
| UltraShort MC400 ProShares (MZZ) | +5.79% | +683.83 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +2.10% | +247.78 |
| Amex Gold (index) | +5.71% | +673.91 |
| MKT VECT GOLD MNRS (GDX) | +5.79% | +683.73 |
| STREETTRACKS GOLD TR (GLD) | +3.65% | +431.02 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -6.72% | -794.17 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +6.89% | +813.44 |
| Semiconductor Sector (index) | -4.50% | -531.69 |
| Ultra Semiconductors ProShares (USD) | -8.99% | -1061.79 |
| UltraShort Semiconductors ProShares (SSG) | +8.83% | +1042.80 |
| ISHARE DJ FIN SC INX (IYF) | -4.07% | -480.93 |
| ISHARES LEHMAN 20 YR (TLT) | +0.67% | +79.49 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.56% | +66.51 |
| ISHARES LEH AGG FD (AGG) | +0.13% | +15.36 |
| ISHARES GS $ INVEST (LQD) | +0.08% | +9.29 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.29% | +34.34 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +3.66% | +432.27 |
| Short Dow30 ProShares (DOG) | +3.13% | +370.02 |
| Short S&P500 ProShares (SH) | +2.85% | +336.31 |
| Short MC400 ProShares (MYY) | +3.39% | +400.40 |
| Short SmallCap 600 ProShares (SBB) | +2.37% | +279.83 |
| Short Russell 2000 ProShares (RWM) | +2.16% | +255.52 |
| UltraShort QQQ ProShares (QID) | +6.63% | +783.06 |
| UltraShort Dow30 ProShares (DXD) | +5.67% | +669.89 |
| UltraShort S&P500 ProShares (SDS) | +5.63% | +665.59 |
| UltraShort MC400 ProShares (MZZ) | +5.79% | +683.83 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.93% | +464.45 |
| UltraShort Russell 2000 ProShares (TWM) | +4.61% | +544.18 |
| UltraShort Russell 1000 Value ProShares (SJF) | +5.81% | +686.54 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +5.30% | +625.96 |
| UltraShort Russell MidCap Value ProShares (SJL) | +5.53% | +652.61 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +6.87% | +811.90 |
| UltraShort Russell 2000 Value ProShares (SJH) | +4.80% | +566.77 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +5.13% | +605.78 |
| UltraShort Basic Materials ProShares (SMN) | +5.60% | +660.92 |
| UltraShort Consumer Goods ProShares (SZK) | +4.38% | +516.78 |
| UltraShort Consumer Services ProShares (SCC) | +6.60% | +779.86 |
| UltraShort Financials ProShares (SKF) | +7.77% | +917.26 |
| UltraShort Health Care ProShares (RXD) | +2.89% | +340.96 |
| UltraShort Industrials ProShares (SIJ) | +6.96% | +822.38 |
| UltraShort Oil & Gas ProShares (DUG) | +1.82% | +214.60 |
| UltraShort Real Estate ProShares (SRS) | +6.79% | +802.03 |
| UltraShort Semiconductors ProShares (SSG) | +8.83% | +1042.80 |
| UltraShort Technology ProShares (REW) | +6.06% | +716.29 |
| UltraShort Utilities ProShares (SDP) | +4.52% | +533.81 |
| Short MSCI Emerging Markets ProShares (EUM) | +3.57% | +422.08 |
| Short MSCI EAFE ProShares (EFZ) | +3.02% | +356.44 |
| UltraShort MSCI EAFE ProShares (EFU) | +4.50% | +531.94 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +6.06% | +715.87 |
| UltraShort MSCI Japan ProShares (EWV) | +5.31% | +627.34 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +10.25% | +1210.47 |
| Ultra QQQ ProShares (QLD) | -6.82% | -805.55 |
| Ultra Dow30 ProShares (DDM) | -5.60% | -661.10 |
| Ultra S&P500 ProShares (SSO) | -5.73% | -676.25 |
| Ultra MC400 ProShares (MVV) | -4.85% | -573.16 |
| Ultra SmallCap 600 ProShares (SAA) | -3.22% | -379.87 |
| Ultra Russell 2000 ProShares (UWM) | -5.28% | -623.87 |
| Ultra Russell 1000 Value ProShares (UVG) | -7.49% | -884.72 |
| Ultra Russell 1000 Growth ProShares (UKF) | -4.97% | -587.37 |
| Ultra Russell MidCap Growth ProShares (UKW) | -5.08% | -599.93 |
| Ultra Russell 2000 Value ProShares (UVT) | -4.24% | -500.35 |
| Ultra Russell2000 Growth ProShares (UKK) | -4.51% | -532.14 |
| Ultra Basic Materials ProShares (UYM) | -5.26% | -620.90 |
| Ultra Consumer Goods ProShares (UGE) | -3.56% | -420.48 |
| Ultra Consumer Services ProShares (UCC) | -5.78% | -682.56 |
| Ultra Financials ProShares (UYG) | -7.73% | -913.31 |
| Ultra Health Care ProShares (RXL) | -3.42% | -403.94 |
| Ultra Industrials ProShares (UXI) | -6.62% | -782.17 |
| Ultra Oil & Gas ProShares (DIG) | -1.87% | -221.27 |
| Ultra Real Estate ProShares (URE) | -7.11% | -840.40 |
| Ultra Semiconductors ProShares (USD) | -8.99% | -1061.79 |
| Ultra Technology ProShares (ROM) | -7.00% | -827.03 |
| Ultra Utilities ProShares (UPW) | -4.39% | -518.14 |
| Other ETFs | ||
| PowerShares NASDAQ-100 BuyWrite Portfolio (PQBW) | -1.68% | -198.64 |
| NASDAQ Internet Portfolio (PNQI) | -3.33% | -393.24 |
| PowerShares DB Base Metals Double Short (BOM) | -5.21% | -615.46 |
| PowerShares DB Base Metals Double Long (BDD) | +3.47% | +409.63 |
| PowerShares DB Crude Oil Double Short (DTO) | -7.85% | -926.87 |
| PowerShares DB Crude Oil Short (SZO) | -3.85% | -454.48 |
| PowerShares DB Crude Oil Double Long (DXO) | +8.00% | +944.95 |
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 . . . .
Thursday, June 26, 2008
No Surprises From the Fed
The FOMC meeting concluded Wednesday and the Statement released following the meeting had no surprises. As everyone expected, rates were steady as a rock. Oh, there was the usual dissent from Dallas Fed head Fisher, but his was the lone voice calling for a reasonable adjustment upward in rates, which were pushed too low in an effort to reflate the banks. The latter are imploding under the weight of the "deleveraging" brought about by the collapse in the housing market.
The Fed is walking a tightrope above the abyss right now. Tipping over the dollar would unbalance the system and blow up the commodity bubble even further, with drastic consequences to the economy. About the only thing the Fed thinks it can do is to jawbone about inflation and keep fingers crossed that the current recession pulls the rate down.
The markets reacted to the Statement in their usual way: lots of volatility, but little movement. The market, in fact, was virtually unchanged for the day:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.04% | +4.40 |
| DIAMONDS TRUST SER 1 (DIA) | 0.00% | 0.00 |
| Ultra Dow30 ProShares (DDM) | -0.23% | -26.88 |
| UltraShort Dow30 ProShares (DXD) | +0.17% | +19.73 |
| S&P 500 (index) | +0.53% | +62.62 |
| S& P DEP RECEIPTS (SPY) | +0.56% | +65.73 |
| Ultra S&P500 ProShares (SSO) | +0.99% | +116.51 |
| UltraShort S&P500 ProShares (SDS) | -0.99% | -116.91 |
| NYSE Composite (index) | +0.71% | +83.77 |
| ISHARES NYSE CMP IDX (NYC) | +0.63% | +74.76 |
| S&P SmallCap 600 (index) | +1.06% | +125.32 |
| Ultra SmallCap 600 ProShares (SAA) | +0.57% | +67.79 |
| Short SmallCap 600 ProShares (SBB) | -1.29% | -151.79 |
| UltraShort SmallCap 600 ProShares (SDD) | -2.12% | -249.94 |
| Russell 2000 (index) | +0.98% | +115.92 |
| ISHARE RUS 2000 INDX (IWM) | +1.13% | +133.61 |
| Ultra Russell 2000 ProShares (UWM) | +2.60% | +306.84 |
| UltraShort Russell 2000 ProShares (TWM) | -2.03% | -239.82 |
| NASDAQ-100 (index) | +1.01% | +119.27 |
| NASDAQ 100 TR SER I (QQQQ) | +1.62% | +191.70 |
| Ultra QQQ ProShares (QLD) | +2.16% | +254.73 |
| UltraShort QQQ ProShares (QID) | -2.23% | -263.51 |
| S&P MidCap 400 (index) | +0.69% | +82.05 |
| ISHARE SP MC 400 INX (IJH) | +0.67% | +78.70 |
| Ultra MC400 ProShares (MVV) | +1.01% | +118.96 |
| UltraShort MC400 ProShares (MZZ) | -1.43% | -168.46 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.25% | +29.40 |
| Amex Gold (index) | -0.14% | -15.96 |
| MKT VECT GOLD MNRS (GDX) | -0.41% | -48.24 |
| STREETTRACKS GOLD TR (GLD) | -0.06% | -6.75 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.10% | +12.10 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.29% | -33.78 |
| Semiconductor Sector (index) | +1.87% | +221.05 |
| Ultra Semiconductors ProShares (USD) | +3.08% | +363.96 |
| UltraShort Semiconductors ProShares (SSG) | -3.09% | -364.90 |
| ISHARE DJ FIN SC INX (IYF) | -0.05% | -6.45 |
| ISHARES LEHMAN 20 YR (TLT) | +0.06% | +6.52 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.01% | -1.36 |
| ISHARES LEH AGG FD (AGG) | +0.05% | +5.91 |
| ISHARES GS $ INVEST (LQD) | +0.08% | +9.29 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.07% | +8.59 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -1.35% | -159.34 |
| Short Dow30 ProShares (DOG) | -0.06% | -7.21 |
| Short S&P500 ProShares (SH) | -0.57% | -67.21 |
| Short MC400 ProShares (MYY) | -1.11% | -130.62 |
| Short SmallCap 600 ProShares (SBB) | -1.29% | -151.79 |
| Short Russell 2000 ProShares (RWM) | -0.88% | -104.06 |
| UltraShort QQQ ProShares (QID) | -2.23% | -263.51 |
| UltraShort Dow30 ProShares (DXD) | +0.17% | +19.73 |
| UltraShort S&P500 ProShares (SDS) | -0.99% | -116.91 |
| UltraShort MC400 ProShares (MZZ) | -1.43% | -168.46 |
| UltraShort SmallCap 600 ProShares (SDD) | -2.12% | -249.94 |
| UltraShort Russell 2000 ProShares (TWM) | -2.03% | -239.82 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.97% | -114.97 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -1.20% | -142.13 |
| UltraShort Russell MidCap Value ProShares (SJL) | -0.88% | -104.42 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -2.94% | -346.96 |
| UltraShort Russell 2000 Value ProShares (SJH) | -1.92% | -226.75 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -1.94% | -228.65 |
| UltraShort Basic Materials ProShares (SMN) | -0.07% | -8.46 |
| UltraShort Consumer Goods ProShares (SZK) | -1.90% | -223.90 |
| UltraShort Consumer Services ProShares (SCC) | -3.49% | -411.62 |
| UltraShort Financials ProShares (SKF) | -0.60% | -71.36 |
| UltraShort Health Care ProShares (RXD) | -1.65% | -194.73 |
| UltraShort Industrials ProShares (SIJ) | +0.29% | +33.88 |
| UltraShort Oil & Gas ProShares (DUG) | +0.99% | +116.99 |
| UltraShort Real Estate ProShares (SRS) | -2.88% | -339.84 |
| UltraShort Semiconductors ProShares (SSG) | -3.09% | -364.90 |
| UltraShort Technology ProShares (REW) | -2.25% | -265.16 |
| UltraShort Utilities ProShares (SDP) | -1.25% | -147.91 |
| Short MSCI Emerging Markets ProShares (EUM) | -2.31% | -272.72 |
| Short MSCI EAFE ProShares (EFZ) | -1.58% | -187.12 |
| UltraShort MSCI EAFE ProShares (EFU) | -1.66% | -195.76 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -3.35% | -395.66 |
| UltraShort MSCI Japan ProShares (EWV) | -2.67% | -315.64 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -4.49% | -530.74 |
| Ultra QQQ ProShares (QLD) | +2.16% | +254.73 |
| Ultra Dow30 ProShares (DDM) | -0.23% | -26.88 |
| Ultra S&P500 ProShares (SSO) | +0.99% | +116.51 |
| Ultra MC400 ProShares (MVV) | +1.01% | +118.96 |
| Ultra SmallCap 600 ProShares (SAA) | +0.57% | +67.79 |
| Ultra Russell 2000 ProShares (UWM) | +2.60% | +306.84 |
| Ultra Russell 1000 Value ProShares (UVG) | +2.70% | +318.69 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.93% | +110.26 |
| Ultra Russell MidCap Growth ProShares (UKW) | +2.11% | +249.41 |
| Ultra Russell 2000 Value ProShares (UVT) | +1.30% | +153.81 |
| Ultra Russell2000 Growth ProShares (UKK) | +2.09% | +247.05 |
| Ultra Basic Materials ProShares (UYM) | +0.23% | +27.25 |
| Ultra Consumer Goods ProShares (UGE) | +1.79% | +211.88 |
| Ultra Consumer Services ProShares (UCC) | +2.96% | +349.85 |
| Ultra Financials ProShares (UYG) | +0.83% | +97.71 |
| Ultra Health Care ProShares (RXL) | +1.80% | +212.30 |
| Ultra Industrials ProShares (UXI) | -0.41% | -48.90 |
| Ultra Oil & Gas ProShares (DIG) | -0.97% | -114.50 |
| Ultra Real Estate ProShares (URE) | +2.92% | +345.06 |
| Ultra Semiconductors ProShares (USD) | +3.08% | +363.96 |
| Ultra Technology ProShares (ROM) | +3.11% | +367.50 |
| Ultra Utilities ProShares (UPW) | +0.97% | +114.02 |
| Other ETFs | ||
| PowerShares NASDAQ-100 BuyWrite Portfolio (PQBW) | +1.29% | +152.07 |
| NASDAQ Internet Portfolio (PNQI) | +2.08% | +245.78 |
| PowerShares DB Base Metals Double Short (BOM) | +1.65% | +195.12 |
| PowerShares DB Base Metals Double Long (BDD) | -0.76% | -89.32 |
| PowerShares DB Crude Oil Double Short (DTO) | +3.93% | +464.56 |
| PowerShares DB Crude Oil Short (SZO) | +1.65% | +195.20 |
| PowerShares DB Crude Oil Double Long (DXO) | -2.89% | -341.63 |
| PowerShares DB Crude Oil Long (OLO) | -2.22% | -262.60 |
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 . . . .
Wednesday, June 25, 2008
Bouncing Along the Bottom of the Trading Range
Stocks found the bottom of the trading range Tuesday and bounced right along it. The sectors which had been weak were some of the biggest gainers as bottom-feeders rushed in to buy bargain stocks. One fundamental anslyst reported that bank stocks were more undervalued now than at any time in the last eighteen years, which may or may not be a true fact (fundamentals are only known in "the fullness of time" and the earnings power of banks may or may not be permanently impaired by the recent credit crunch).
The Fed announces its decision to leave interest rates unchanged (for reasons discussed here previously, they are between a rock and a hard place in having no "wiggle room" to either lower or raise interest rates) on Wednesday afternoon. It's always a volatile market when that happens and all eyes will be engaged in parsing and divining the hidden meaning behind the Statement released thereafter.
Tuesday has to be considered one more step in the gradual process of base-building which will lead to the next big rally, most likely to continue into the Election this Fall:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.29% | -34.93 |
| DIAMONDS TRUST SER 1 (DIA) | -0.19% | -22.04 |
| Ultra Dow30 ProShares (DDM) | -0.78% | -92.71 |
| UltraShort Dow30 ProShares (DXD) | +0.37% | +43.69 |
| S&P 500 (index) | -0.26% | -30.73 |
| S& P DEP RECEIPTS (SPY) | -0.25% | -29.73 |
| Ultra S&P500 ProShares (SSO) | -0.66% | -77.99 |
| UltraShort S&P500 ProShares (SDS) | +0.14% | +16.77 |
| NYSE Composite (index) | -0.44% | -51.63 |
| ISHARES NYSE CMP IDX (NYC) | -1.29% | -152.38 |
| S&P SmallCap 600 (index) | -1.50% | -177.32 |
| Ultra SmallCap 600 ProShares (SAA) | -2.70% | -319.77 |
| Short SmallCap 600 ProShares (SBB) | +1.11% | +131.00 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.68% | +317.58 |
| Russell 2000 (index) | -1.58% | -187.55 |
| ISHARE RUS 2000 INDX (IWM) | -1.66% | -196.03 |
| Ultra Russell 2000 ProShares (UWM) | -3.24% | -383.20 |
| UltraShort Russell 2000 ProShares (TWM) | +2.77% | +327.97 |
| NASDAQ-100 (index) | -0.51% | -60.53 |
| NASDAQ 100 TR SER I (QQQQ) | -0.51% | -60.41 |
| Ultra QQQ ProShares (QLD) | -0.66% | -77.63 |
| UltraShort QQQ ProShares (QID) | +0.48% | +56.50 |
| S&P MidCap 400 (index) | -1.25% | -147.56 |
| ISHARE SP MC 400 INX (IJH) | -1.55% | -183.17 |
| Ultra MC400 ProShares (MVV) | -2.72% | -321.55 |
| UltraShort MC400 ProShares (MZZ) | +1.80% | +212.72 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.39% | -45.70 |
| Amex Gold (index) | -0.43% | -50.94 |
| MKT VECT GOLD MNRS (GDX) | -0.41% | -48.18 |
| STREETTRACKS GOLD TR (GLD) | +0.44% | +51.67 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -1.01% | -120.15 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +1.06% | +125.56 |
| Semiconductor Sector (index) | +0.43% | +50.35 |
| Ultra Semiconductors ProShares (USD) | +0.30% | +35.94 |
| UltraShort Semiconductors ProShares (SSG) | -0.61% | -72.75 |
| ISHARE DJ FIN SC INX (IYF) | +1.13% | +134.11 |
| ISHARES LEHMAN 20 YR (TLT) | +0.66% | +77.63 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.53% | +62.93 |
| ISHARES LEH AGG FD (AGG) | +0.20% | +23.75 |
| ISHARES GS $ INVEST (LQD) | -0.06% | -6.99 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.18% | +21.57 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.30% | +35.39 |
| Short Dow30 ProShares (DOG) | +0.03% | +3.62 |
| Short S&P500 ProShares (SH) | -0.10% | -12.40 |
| Short MC400 ProShares (MYY) | +0.85% | +100.09 |
| Short SmallCap 600 ProShares (SBB) | +1.11% | +131.00 |
| Short Russell 2000 ProShares (RWM) | +1.33% | +157.86 |
| UltraShort QQQ ProShares (QID) | +0.48% | +56.50 |
| UltraShort Dow30 ProShares (DXD) | +0.37% | +43.69 |
| UltraShort S&P500 ProShares (SDS) | +0.14% | +16.77 |
| UltraShort MC400 ProShares (MZZ) | +1.80% | +212.72 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.68% | +317.58 |
| UltraShort Russell 2000 ProShares (TWM) | +2.77% | +327.97 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.59% | -70.05 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.95% | +112.70 |
| UltraShort Russell MidCap Value ProShares (SJL) | +1.14% | +134.43 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +2.65% | +313.46 |
| UltraShort Russell 2000 Value ProShares (SJH) | +2.68% | +316.91 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +2.69% | +318.51 |
| UltraShort Basic Materials ProShares (SMN) | +4.97% | +588.11 |
| UltraShort Consumer Goods ProShares (SZK) | +0.18% | +21.28 |
| UltraShort Consumer Services ProShares (SCC) | +0.32% | +38.10 |
| UltraShort Financials ProShares (SKF) | -2.46% | -291.85 |
| UltraShort Health Care ProShares (RXD) | -0.63% | -74.86 |
| UltraShort Industrials ProShares (SIJ) | +2.84% | +335.86 |
| UltraShort Oil & Gas ProShares (DUG) | +3.14% | +372.03 |
| UltraShort Real Estate ProShares (SRS) | -1.03% | -121.92 |
| UltraShort Semiconductors ProShares (SSG) | -0.61% | -72.75 |
| UltraShort Technology ProShares (REW) | +0.56% | +66.86 |
| UltraShort Utilities ProShares (SDP) | +0.71% | +84.04 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.38% | +45.24 |
| Short MSCI EAFE ProShares (EFZ) | +0.34% | +40.03 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.56% | +66.26 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.60% | +70.72 |
| UltraShort MSCI Japan ProShares (EWV) | +1.22% | +144.27 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +0.33% | +38.76 |
| Ultra QQQ ProShares (QLD) | -0.66% | -77.63 |
| Ultra Dow30 ProShares (DDM) | -0.78% | -92.71 |
| Ultra S&P500 ProShares (SSO) | -0.66% | -77.99 |
| Ultra MC400 ProShares (MVV) | -2.72% | -321.55 |
| Ultra SmallCap 600 ProShares (SAA) | -2.70% | -319.77 |
| Ultra Russell 2000 ProShares (UWM) | -3.24% | -383.20 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.09% | -10.65 |
| Ultra Russell 1000 Growth ProShares (UKF) | -1.49% | -177.01 |
| Ultra Russell MidCap Value ProShares (UVU) | -1.92% | -227.30 |
| Ultra Russell MidCap Growth ProShares (UKW) | -3.54% | -419.79 |
| Ultra Russell 2000 Value ProShares (UVT) | -2.61% | -309.32 |
| Ultra Russell2000 Growth ProShares (UKK) | -3.37% | -399.06 |
| Ultra Basic Materials ProShares (UYM) | -5.23% | -619.36 |
| Ultra Consumer Goods ProShares (UGE) | -0.54% | -63.61 |
| Ultra Consumer Services ProShares (UCC) | -1.16% | -137.05 |
| Ultra Financials ProShares (UYG) | +1.68% | +199.30 |
| Ultra Health Care ProShares (RXL) | +0.04% | +4.53 |
| Ultra Industrials ProShares (UXI) | -2.76% | -326.51 |
| Ultra Oil & Gas ProShares (DIG) | -3.35% | -396.68 |
| Ultra Real Estate ProShares (URE) | -0.77% | -90.79 |
| Ultra Semiconductors ProShares (USD) | +0.30% | +35.94 |
| Ultra Technology ProShares (ROM) | -1.06% | -125.94 |
| Ultra Utilities ProShares (UPW) | -1.40% | -165.37 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | -2.53% | -299.12 |
| PowerShares DB Base Metals Double Short (BOM) | +0.94% | +111.43 |
| PowerShares DB Base Metals Double Long (BDD) | -1.75% | -206.83 |
| PowerShares DB Crude Oil Double Short (DTO) | 0.00% | 0.00 |
| PowerShares DB Crude Oil Short (SZO) | +0.24% | +28.72 |
| PowerShares DB Crude Oil Double Long (DXO) | -0.12% | -14.06 |
| PowerShares DB Crude Oil Long (OLO) | +0.16% | +18.84 |
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, June 23, 2008
Building a Base
Today in our Notes, we detail long term returns from a security which has had a rising trend for the last 9 years, with only a couple of sideways consolidations to provide intermissions in that long term trend. Besides profits from holding this security, long term traders get the privilege of writing options against it to generate income to tide them over during consolidations. And, during the last bear market, just one share of this security returned $22,000 in profits while the market was losing half of its value. Since it bottomed in the late 'Nineties, in fact, one share is ahead more than $50,000. The security is traded almost 24 hours per day in a very liquid electronic market. Best of all, the minimum margin required to buy just one share of this security is only $1,275. And, it's not even something new. It is, in fact, something we've been alerting readers to for most of the last decade.
The wagons are being circled and the buyers are drifting back to do some bargain-hunting. It may take a while for a good base to form, but the technical indicators are in position to confirm a rally lasting 4-5 months once a particular trendline is penetrated. Monday's session was a consolidation after the big Quadruple Witching Expiration Week last week:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.00% | -0.33 |
| DIAMONDS TRUST SER 1 (DIA) | -0.14% | -16.01 |
| Ultra Dow30 ProShares (DDM) | -0.21% | -24.91 |
| UltraShort Dow30 ProShares (DXD) | +0.12% | +13.92 |
| S&P 500 (index) | -0.17% | -19.59 |
| S& P DEP RECEIPTS (SPY) | -0.07% | -8.10 |
| Ultra S&P500 ProShares (SSO) | -0.17% | -19.92 |
| UltraShort S&P500 ProShares (SDS) | +0.21% | +24.28 |
| NYSE Composite (index) | +0.14% | +16.95 |
| ISHARES NYSE CMP IDX (NYC) | +0.20% | +23.27 |
| S&P SmallCap 600 (index) | -0.98% | -116.13 |
| Ultra SmallCap 600 ProShares (SAA) | -1.79% | -212.25 |
| Short SmallCap 600 ProShares (SBB) | +0.42% | +49.33 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.31% | +273.62 |
| Russell 2000 (index) | -0.78% | -92.85 |
| ISHARE RUS 2000 INDX (IWM) | -0.94% | -110.97 |
| Ultra Russell 2000 ProShares (UWM) | -2.16% | -255.24 |
| UltraShort Russell 2000 ProShares (TWM) | +2.33% | +276.10 |
| NASDAQ-100 (index) | -1.23% | -145.80 |
| NASDAQ 100 TR SER I (QQQQ) | -0.78% | -92.40 |
| Ultra QQQ ProShares (QLD) | -2.48% | -294.10 |
| UltraShort QQQ ProShares (QID) | +2.47% | +292.38 |
| S&P MidCap 400 (index) | -0.06% | -6.79 |
| ISHARE SP MC 400 INX (IJH) | +0.01% | +1.39 |
| Ultra MC400 ProShares (MVV) | -0.32% | -37.53 |
| UltraShort MC400 ProShares (MZZ) | +0.65% | +77.45 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.25% | -29.31 |
| Amex Gold (index) | +0.38% | +45.18 |
| MKT VECT GOLD MNRS (GDX) | +0.84% | +99.88 |
| STREETTRACKS GOLD TR (GLD) | -2.09% | -247.64 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +4.38% | +518.35 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -4.07% | -481.81 |
| Semiconductor Sector (index) | -1.15% | -136.01 |
| Ultra Semiconductors ProShares (USD) | -1.16% | -137.65 |
| UltraShort Semiconductors ProShares (SSG) | +1.33% | +157.13 |
| ISHARE DJ FIN SC INX (IYF) | -2.43% | -287.25 |
| ISHARES LEHMAN 20 YR (TLT) | +0.21% | +25.05 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.05% | -5.47 |
| ISHARES LEH AGG FD (AGG) | -0.13% | -15.42 |
| ISHARES GS $ INVEST (LQD) | -0.04% | -4.66 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.11% | -12.93 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.76% | +90.19 |
| Short Dow30 ProShares (DOG) | +0.05% | +5.43 |
| Short S&P500 ProShares (SH) | -0.04% | -5.31 |
| Short MC400 ProShares (MYY) | +0.24% | +28.09 |
| Short SmallCap 600 ProShares (SBB) | +0.42% | +49.33 |
| Short Russell 2000 ProShares (RWM) | +0.83% | +98.69 |
| UltraShort QQQ ProShares (QID) | +2.47% | +292.38 |
| UltraShort Dow30 ProShares (DXD) | +0.12% | +13.92 |
| UltraShort S&P500 ProShares (SDS) | +0.21% | +24.28 |
| UltraShort MC400 ProShares (MZZ) | +0.65% | +77.45 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.31% | +273.62 |
| UltraShort Russell 2000 ProShares (TWM) | +2.33% | +276.10 |
| UltraShort Russell 1000 Value ProShares (SJF) | +0.77% | +91.13 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.06% | +6.94 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.39% | +46.35 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -1.04% | -122.65 |
| UltraShort Russell 2000 Value ProShares (SJH) | +2.16% | +255.60 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +1.16% | +137.11 |
| UltraShort Basic Materials ProShares (SMN) | -3.38% | -400.35 |
| UltraShort Consumer Goods ProShares (SZK) | +0.89% | +105.82 |
| UltraShort Consumer Services ProShares (SCC) | +2.77% | +328.40 |
| UltraShort Financials ProShares (SKF) | +4.84% | +573.18 |
| UltraShort Health Care ProShares (RXD) | -0.64% | -75.76 |
| UltraShort Industrials ProShares (SIJ) | -0.25% | -29.05 |
| UltraShort Oil & Gas ProShares (DUG) | -7.94% | -940.81 |
| UltraShort Real Estate ProShares (SRS) | +4.22% | +499.61 |
| UltraShort Semiconductors ProShares (SSG) | +1.33% | +157.13 |
| UltraShort Technology ProShares (REW) | +1.19% | +141.29 |
| UltraShort Utilities ProShares (SDP) | -1.91% | -226.69 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.20% | -23.35 |
| Short MSCI EAFE ProShares (EFZ) | -0.04% | -4.45 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.24% | +28.47 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -0.62% | -73.41 |
| UltraShort MSCI Japan ProShares (EWV) | -1.18% | -139.57 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -2.55% | -302.19 |
| Ultra QQQ ProShares (QLD) | -2.48% | -294.10 |
| Ultra Dow30 ProShares (DDM) | -0.21% | -24.91 |
| Ultra S&P500 ProShares (SSO) | -0.17% | -19.92 |
| Ultra MC400 ProShares (MVV) | -0.32% | -37.53 |
| Ultra SmallCap 600 ProShares (SAA) | -1.79% | -212.25 |
| Ultra Russell 2000 ProShares (UWM) | -2.16% | -255.24 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.07% | -126.38 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.63% | +74.38 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.20% | +23.59 |
| Ultra Russell 2000 Value ProShares (UVT) | -2.12% | -250.87 |
| Ultra Russell2000 Growth ProShares (UKK) | -1.10% | -130.14 |
| Ultra Basic Materials ProShares (UYM) | +2.77% | +328.26 |
| Ultra Consumer Goods ProShares (UGE) | -1.01% | -119.85 |
| Ultra Consumer Services ProShares (UCC) | -2.55% | -302.54 |
| Ultra Financials ProShares (UYG) | -4.85% | -573.92 |
| Ultra Health Care ProShares (RXL) | +0.27% | +31.81 |
| Ultra Industrials ProShares (UXI) | -0.09% | -11.00 |
| Ultra Oil & Gas ProShares (DIG) | +7.49% | +887.03 |
| Ultra Real Estate ProShares (URE) | -3.72% | -440.87 |
| Ultra Semiconductors ProShares (USD) | -1.16% | -137.65 |
| Ultra Technology ProShares (ROM) | -1.67% | -197.78 |
| Ultra Utilities ProShares (UPW) | +1.68% | +198.73 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | -0.25% | -29.35 |
| PowerShares DB Base Metals Double Short (BOM) | +2.72% | +322.60 |
| PowerShares DB Base Metals Double Long (BDD) | -1.32% | -156.34 |
| PowerShares DB Crude Oil Double Short (DTO) | -3.06% | -362.29 |
| PowerShares DB Crude Oil Short (SZO) | -1.04% | -123.16 |
| PowerShares DB Crude Oil Double Long (DXO) | +3.10% | +367.37 |
| PowerShares DB Crude Oil Long (OLO) | +0.92% | +109.35 |
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 . . . .
Sunday, June 22, 2008
Saudis To Pump More Oil
Will the oil bubble finally burst? It's only a matter of time, of course, and the same could have been said in early 1999 of the NASDAQ stock bubble. Yet, it took more than a year before that huge bubble finally finished going up and started plummeting 80%. And, the speculators in stocks had logic on their side: online business was and is the wave of the future, far superior in most respects to so-called bricks-and-mortar stores. But, while those speculators were seeing the future through a telescope, the prices of those shares reflected an unrealistic present value for those internet properties which would, eventually, provide good returns.
This is the problem with oil prices. If you take a long term view, you can easily see that the end of the use of oil as a bulk source of energy is in sight. Today's speculators assume the future will continue exactly like the past, that we will continue to burn up the remaining oil at ever-higher prices until it is all gone. That cannot and will not happen. Alternative energy will supplant the use of oil.
In the meantime, Saudi Arabia is going to provide more supply on the market to help bring the price of oil under control. That may or may not be enough, though, and governments around the world need to take steps to reduce high energy prices immediately. We believe oil is heading for $10 per barrel, but the upside is infinity as the bubble reaches a crescendo of rabid speculation.
This week, the Federal Reserve's FOMC meets to decide what to do with interest rates. The FOMC is basically in chains and cannot move rates at all. Lower rates in the face of inflation in the teens are not possible. Higher rates are equally impossible with the US in the throes of a deepening recession.
Florida to Build a Railroad to Europe
Florida has an answer to the problem of high oil prices.
Last week, the stock market continued to discount the recession:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -3.78% | -464.66 |
| DIAMONDS TRUST SER 1 (DIA) | -3.84% | -472.86 |
| Ultra Dow30 ProShares (DDM) | -7.43% | -914.07 |
| UltraShort Dow30 ProShares (DXD) | +7.37% | +907.46 |
| S&P 500 (index) | -3.03% | -373.11 |
| S& P DEP RECEIPTS (SPY) | -3.35% | -412.32 |
| Ultra S&P500 ProShares (SSO) | -5.70% | -700.99 |
| UltraShort S&P500 ProShares (SDS) | +5.68% | +699.47 |
| NYSE Composite (index) | -2.58% | -317.73 |
| ISHARES NYSE CMP IDX (NYC) | -2.49% | -306.50 |
| S&P SmallCap 600 (index) | -0.67% | -82.67 |
| Ultra SmallCap 600 ProShares (SAA) | -1.64% | -201.47 |
| Short SmallCap 600 ProShares (SBB) | +0.70% | +86.04 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.23% | +151.12 |
| Russell 2000 (index) | -0.86% | -105.42 |
| ISHARE RUS 2000 INDX (IWM) | -1.02% | -125.89 |
| Ultra Russell 2000 ProShares (UWM) | -2.18% | -268.65 |
| UltraShort Russell 2000 ProShares (TWM) | +1.99% | +245.34 |
| NASDAQ-100 (index) | -1.78% | -218.58 |
| NASDAQ 100 TR SER I (QQQQ) | -1.96% | -241.72 |
| Ultra QQQ ProShares (QLD) | -3.18% | -391.15 |
| UltraShort QQQ ProShares (QID) | +2.76% | +340.07 |
| S&P MidCap 400 (index) | -1.30% | -159.67 |
| ISHARE SP MC 400 INX (IJH) | -1.32% | -162.26 |
| Ultra MC400 ProShares (MVV) | -2.54% | -312.00 |
| UltraShort MC400 ProShares (MZZ) | +3.05% | +375.69 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +2.25% | +276.80 |
| Amex Gold (index) | +2.20% | +270.19 |
| MKT VECT GOLD MNRS (GDX) | +2.00% | +246.09 |
| STREETTRACKS GOLD TR (GLD) | +3.64% | +447.38 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -6.72% | -826.70 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +7.50% | +923.66 |
| Semiconductor Sector (index) | -2.72% | -334.40 |
| Ultra Semiconductors ProShares (USD) | -2.93% | -360.60 |
| UltraShort Semiconductors ProShares (SSG) | +2.43% | +299.42 |
| ISHARE DJ FIN SC INX (IYF) | -4.45% | -548.26 |
| ISHARES LEHMAN 20 YR (TLT) | +1.06% | +130.18 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.78% | +95.95 |
| ISHARES LEH AGG FD (AGG) | +0.67% | +81.88 |
| ISHARES GS $ INVEST (LQD) | +0.72% | +88.95 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.34% | +41.94 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +1.73% | +212.88 |
| Short Dow30 ProShares (DOG) | +3.73% | +458.50 |
| Short S&P500 ProShares (SH) | +3.34% | +410.88 |
| Short MC400 ProShares (MYY) | +0.98% | +120.02 |
| Short SmallCap 600 ProShares (SBB) | +0.70% | +86.04 |
| Short Russell 2000 ProShares (RWM) | +1.11% | +137.16 |
| UltraShort QQQ ProShares (QID) | +2.76% | +340.07 |
| UltraShort Dow30 ProShares (DXD) | +7.37% | +907.46 |
| UltraShort S&P500 ProShares (SDS) | +5.68% | +699.47 |
| UltraShort MC400 ProShares (MZZ) | +3.05% | +375.69 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.23% | +151.12 |
| UltraShort Russell 2000 ProShares (TWM) | +1.99% | +245.34 |
| UltraShort Russell 1000 Value ProShares (SJF) | +7.10% | +874.30 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +4.45% | +548.04 |
| UltraShort Russell MidCap Value ProShares (SJL) | +4.46% | +549.07 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +3.56% | +438.72 |
| UltraShort Russell 2000 Value ProShares (SJH) | +3.03% | +373.33 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +1.35% | +166.07 |
| UltraShort Basic Materials ProShares (SMN) | +1.44% | +176.99 |
| UltraShort Consumer Goods ProShares (SZK) | +6.75% | +830.25 |
| UltraShort Consumer Services ProShares (SCC) | +8.85% | +1088.72 |
| UltraShort Financials ProShares (SKF) | +9.20% | +1132.86 |
| UltraShort Health Care ProShares (RXD) | +4.36% | +536.27 |
| UltraShort Industrials ProShares (SIJ) | +4.09% | +502.77 |
| UltraShort Oil & Gas ProShares (DUG) | +1.56% | +191.62 |
| UltraShort Real Estate ProShares (SRS) | +6.32% | +778.32 |
| UltraShort Semiconductors ProShares (SSG) | +2.43% | +299.42 |
| UltraShort Technology ProShares (REW) | +5.38% | +662.55 |
| UltraShort Utilities ProShares (SDP) | +2.48% | +304.82 |
| Short MSCI Emerging Markets ProShares (EUM) | +2.63% | +323.83 |
| Short MSCI EAFE ProShares (EFZ) | +2.20% | +270.77 |
| UltraShort MSCI EAFE ProShares (EFU) | +4.70% | +578.20 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +5.29% | +651.17 |
| UltraShort MSCI Japan ProShares (EWV) | +5.76% | +709.31 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +6.16% | +757.83 |
| Ultra QQQ ProShares (QLD) | -3.18% | -391.15 |
| Ultra Dow30 ProShares (DDM) | -7.43% | -914.07 |
| Ultra S&P500 ProShares (SSO) | -5.70% | -700.99 |
| Ultra MC400 ProShares (MVV) | -2.54% | -312.00 |
| Ultra SmallCap 600 ProShares (SAA) | -1.64% | -201.47 |
| Ultra Russell 2000 ProShares (UWM) | -2.18% | -268.65 |
| Ultra Russell 1000 Value ProShares (UVG) | -4.28% | -526.45 |
| Ultra Russell 1000 Growth ProShares (UKF) | -4.96% | -610.92 |
| Ultra Russell MidCap Growth ProShares (UKW) | -3.69% | -454.44 |
| Ultra Russell 2000 Value ProShares (UVT) | -2.82% | -346.56 |
| Ultra Russell2000 Growth ProShares (UKK) | -0.98% | -120.75 |
| Ultra Basic Materials ProShares (UYM) | -1.50% | -185.03 |
| Ultra Consumer Goods ProShares (UGE) | -6.75% | -830.73 |
| Ultra Consumer Services ProShares (UCC) | -8.91% | -1096.57 |
| Ultra Financials ProShares (UYG) | -9.15% | -1126.13 |
| Ultra Health Care ProShares (RXL) | -3.91% | -481.04 |
| Ultra Industrials ProShares (UXI) | -4.56% | -561.66 |
| Ultra Oil & Gas ProShares (DIG) | -1.14% | -140.69 |
| Ultra Real Estate ProShares (URE) | -7.48% | -920.86 |
| Ultra Semiconductors ProShares (USD) | -2.93% | -360.60 |
| Ultra Technology ProShares (ROM) | -4.95% | -609.80 |
| Ultra Utilities ProShares (UPW) | -1.87% | -230.71 |
| Other ETFs | ||
| PowerShares NASDAQ-100 BuyWrite Portfolio (PQBW) | -1.46% | -179.89 |
| NASDAQ Internet Portfolio (PNQI) | -1.34% | -165.50 |
| PowerShares DB Base Metals Double Short (BOM) | -2.11% | -259.38 |
| PowerShares DB Base Metals Double Long (BDD) | +1.60% | +197.17 |
| PowerShares DB Base Metals Short (BOS) | -1.11% | -137.09 |
| PowerShares DB Crude Oil Double Short (DTO) | -1.26% | -154.51 |
| PowerShares DB Crude Oil Short (SZO) | +1.01% | +124.32 |
| PowerShares DB Crude Oil Double Long (DXO) | -0.65% | -79.85 |
| PowerShares DB Crude Oil Long (OLO) | +0.48% | +59.58 |
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 . . . .
Friday, June 20, 2008
Shaking the Weak Longs Out of the Market
It's FreeWeek at Elliott Wave International (it started Wednesday and you can join Club EWI by clicking on the ad and signing up for a free membership to view their products). Then, when we ran across Ross Perot's new website, it seemed to be so much in keeping with the themes near and dear to the EWI site, we thought we'd pass it along.
What does the Fed think about the future? Well, while many of you, dear readers, do not hold a favorable view of the Fed, you may be surprised to read what Richard W. Fisher, President of the Dallas Federal Reserve Bank, has to say. This is one smart central banker and you should read Storms On the Horizon. Here's an excerpt:
I see a frightful storm brewing in the form of untethered government debt. I choose the words-"frightful storm"-deliberately to avoid hyperbole. Unless we take steps to deal with it, the long-term fiscal situation of the federal government will be unimaginably more devastating to our economic prosperity than the subprime debacle and the recent debauching of credit markets that we are now working so hard to correct.
While Fisher is in the minority on the FOMC (the rate-setting committee of the Fed), his stature is growing and we would be very surprised if he doesn't become a dominant influence at the Fed before too long. Fisher resisted the last few rate cuts made by the FOMC and now it appears that Bernanke wishes they had not made them. As we said at the time, those final rate cuts were not only not helpful to the economy, they would unleash higher rates of inflation. And, that's exactly what has happened. Bernanke now wants higher short term interest rates but can't raise rates because that would send the wrong signal to the markets.
And, speaking of sending signals to the markets, the Feds (this time, Federal prosecutors) are sending a signal to hedge fund managers of subprime mortgages: you face life in prison. We don't know whether the charges will stick, but it appears that Federal sentencing guidelines, which are based upon the level of monetary losses suffered by traders in hedge funds, call for life in prison should hedge fund managers accused of fraud be successfully convicted. The USA is looking more and more like the "United Stalinist States of America" every day. Benjamin Franklin once warned, "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." He also pointed out that, "Anyone who trades liberty for security deserves neither liberty nor security."
Want to form your own country? Try Seasteading:
History has many examples of hierarchical institutions being disrupted by technological advances. The invention of the printing press helped undermine the authority of the Catholic Church. Today, the Internet is undermining traditional copyright industries.
An audacious new project aims to achieve a similar result by creating new competition for the world's sovereign nations. The Seasteading Institute, the brainchild of two Silicon Valley software developers, aims to develop self-sufficient deep-sea platforms that would empower individuals to break free of the cozy cartel of 190-odd world governments and start their own autonomous societies. They envision a future in which any group of people dissatisfied with its current government would be able to start a new one by purchasing some floating platforms-called seasteads-and build a new community in the open ocean.
As for the stock market, it waffled back and forth in a narrow range:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.28% | +34.03 |
| DIAMONDS TRUST SER 1 (DIA) | +0.17% | +20.98 |
| Ultra Dow30 ProShares (DDM) | +0.35% | +42.10 |
| UltraShort Dow30 ProShares (DXD) | -0.28% | -33.26 |
| S&P 500 (index) | +0.38% | +45.14 |
| S& P DEP RECEIPTS (SPY) | +0.20% | +24.21 |
| Ultra S&P500 ProShares (SSO) | +0.56% | +67.90 |
| UltraShort S&P500 ProShares (SDS) | -0.45% | -54.59 |
| NYSE Composite (index) | -0.12% | -14.33 |
| ISHARES NYSE CMP IDX (NYC) | -0.02% | -2.90 |
| S&P SmallCap 600 (index) | +0.91% | +109.31 |
| Ultra SmallCap 600 ProShares (SAA) | +1.88% | +226.18 |
| Short SmallCap 600 ProShares (SBB) | -0.77% | -92.70 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.85% | -222.44 |
| Russell 2000 (index) | +0.86% | +103.88 |
| ISHARE RUS 2000 INDX (IWM) | +0.83% | +100.34 |
| Ultra Russell 2000 ProShares (UWM) | +1.96% | +235.33 |
| UltraShort Russell 2000 ProShares (TWM) | -1.73% | -207.54 |
| NASDAQ-100 (index) | +1.66% | +199.14 |
| NASDAQ 100 TR SER I (QQQQ) | +1.56% | +187.88 |
| Ultra QQQ ProShares (QLD) | +2.85% | +343.36 |
| UltraShort QQQ ProShares (QID) | -2.91% | -349.66 |
| S&P MidCap 400 (index) | +0.46% | +55.86 |
| ISHARE SP MC 400 INX (IJH) | +0.32% | +38.90 |
| Ultra MC400 ProShares (MVV) | +1.08% | +130.08 |
| UltraShort MC400 ProShares (MZZ) | -0.87% | -104.58 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -2.07% | -249.17 |
| Amex Gold (index) | -0.98% | -117.90 |
| MKT VECT GOLD MNRS (GDX) | -0.52% | -62.48 |
| STREETTRACKS GOLD TR (GLD) | +0.16% | +19.08 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -0.63% | -75.26 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +0.42% | +50.87 |
| Semiconductor Sector (index) | +2.55% | +306.62 |
| Ultra Semiconductors ProShares (USD) | +4.94% | +594.33 |
| UltraShort Semiconductors ProShares (SSG) | -4.66% | -560.72 |
| ISHARE DJ FIN SC INX (IYF) | +0.74% | +89.27 |
| ISHARES LEHMAN 20 YR (TLT) | -0.59% | -70.98 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.58% | -69.36 |
| ISHARES LEH AGG FD (AGG) | -0.51% | -61.31 |
| ISHARES GS $ INVEST (LQD) | -0.52% | -62.38 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.19% | -23.34 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -1.50% | -180.95 |
| Short Dow30 ProShares (DOG) | -0.17% | -20.53 |
| Short S&P500 ProShares (SH) | -0.26% | -31.08 |
| Short MC400 ProShares (MYY) | -0.26% | -30.92 |
| Short SmallCap 600 ProShares (SBB) | -0.77% | -92.70 |
| Short Russell 2000 ProShares (RWM) | -0.91% | -109.13 |
| UltraShort QQQ ProShares (QID) | -2.91% | -349.66 |
| UltraShort Dow30 ProShares (DXD) | -0.28% | -33.26 |
| UltraShort S&P500 ProShares (SDS) | -0.45% | -54.59 |
| UltraShort MC400 ProShares (MZZ) | -0.87% | -104.58 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.85% | -222.44 |
| UltraShort Russell 2000 ProShares (TWM) | -1.73% | -207.54 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.37% | -44.35 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -2.01% | -241.56 |
| UltraShort Russell MidCap Value ProShares (SJL) | -0.38% | -45.49 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -1.14% | -136.99 |
| UltraShort Russell 2000 Value ProShares (SJH) | -1.29% | -155.40 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -2.35% | -282.62 |
| UltraShort Basic Materials ProShares (SMN) | +1.82% | +219.46 |
| UltraShort Consumer Goods ProShares (SZK) | -1.15% | -137.76 |
| UltraShort Consumer Services ProShares (SCC) | -2.46% | -296.28 |
| UltraShort Financials ProShares (SKF) | -1.41% | -169.33 |
| UltraShort Health Care ProShares (RXD) | -1.28% | -153.82 |
| UltraShort Industrials ProShares (SIJ) | -2.06% | -247.72 |
| UltraShort Oil & Gas ProShares (DUG) | +4.45% | +535.62 |
| UltraShort Real Estate ProShares (SRS) | -3.72% | -447.39 |
| UltraShort Semiconductors ProShares (SSG) | -4.66% | -560.72 |
| UltraShort Technology ProShares (REW) | -2.63% | -316.39 |
| UltraShort Utilities ProShares (SDP) | -0.75% | -90.18 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.05% | -6.51 |
| Short MSCI EAFE ProShares (EFZ) | +0.12% | +13.88 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.32% | +38.92 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.04% | +5.05 |
| UltraShort MSCI Japan ProShares (EWV) | +0.43% | +52.02 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -0.69% | -83.49 |
| Ultra QQQ ProShares (QLD) | +2.85% | +343.36 |
| Ultra Dow30 ProShares (DDM) | +0.35% | +42.10 |
| Ultra S&P500 ProShares (SSO) | +0.56% | +67.90 |
| Ultra MC400 ProShares (MVV) | +1.08% | +130.08 |
| Ultra SmallCap 600 ProShares (SAA) | +1.88% | +226.18 |
| Ultra Russell 2000 ProShares (UWM) | +1.96% | +235.33 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.43% | -51.84 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.64% | +76.68 |
| Ultra Russell MidCap Value ProShares (UVU) | +0.48% | +57.51 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.39% | -46.43 |
| Ultra Russell 2000 Value ProShares (UVT) | +1.53% | +184.40 |
| Ultra Russell2000 Growth ProShares (UKK) | +2.12% | +254.62 |
| Ultra Basic Materials ProShares (UYM) | -1.46% | -175.96 |
| Ultra Consumer Goods ProShares (UGE) | +1.17% | +141.04 |
| Ultra Consumer Services ProShares (UCC) | +0.98% | +117.72 |
| Ultra Financials ProShares (UYG) | +1.51% | +181.07 |
| Ultra Health Care ProShares (RXL) | +2.08% | +250.61 |
| Ultra Industrials ProShares (UXI) | +2.48% | +298.74 |
| Ultra Oil & Gas ProShares (DIG) | -4.13% | -497.03 |
| Ultra Real Estate ProShares (URE) | +3.58% | +431.23 |
| Ultra Semiconductors ProShares (USD) | +4.94% | +594.33 |
| Ultra Technology ProShares (ROM) | +2.22% | +266.95 |
| Ultra Utilities ProShares (UPW) | -0.04% | -4.53 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | +1.22% | +146.22 |
| PowerShares DB Base Metals Double Short (BOM) | +1.29% | +155.21 |
| PowerShares DB Base Metals Double Long (BDD) | -1.30% | -156.86 |
| PowerShares DB Crude Oil Double Short (DTO) | +6.57% | +790.48 |
| PowerShares DB Crude Oil Short (SZO) | +3.64% | +437.42 |
| PowerShares DB Crude Oil Double Long (DXO) | -4.26% | -512.29 |
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 . . . .
Wednesday, June 18, 2008
Blaming the Democrats For High Energy Prices
Tossing the political hot potato to the Democrats, the Republicans, who have controlled the White House for the last eight years and had basically no energy policy other than the "Good ol' boy" network, accused the Democratic Congress Wednesday of blocking the path to cheap energy for the American taxpayer. Okay, they actually do have a good point. When blame for a supply problem in the oil patch (and consequent skyrocketing prices for energy) is thrown around the room, it certainly sticks to the Democrats, who have steadfastly blocked any sort of supply-side solution to the energy problem.
On the other hand, the Republicans have to share the blame for a decided inability to even think about energy. At least, to think outside the box about energy. In fact, the Republicans have pursued policies which actively discouraged alternative energy to be developed. The Energy Department should be called the "Kill Energy Alternatives" Department for its ability to not only not fund alternative energy projects which would have provided substitutes for oil imported from (mostly) hostile foreign sources, but to funnel billions of dollars in taxpayer funds to oil companies who see no reason to invest in any alternatives to oil (Exxon-Mobil, for instance). Thus, it's a toss-up as to which of the two political parties are more to blame for the current crisis in energy.
It's no wonder that a recent poll of Americans found that only 11% approve of the job the Democrat-controlled Congress is doing and only 14% approve of the job the bush in the White House is doing. This is a symptom of a larger problem: ownership of the US government by agents inimical to the good interests of the people. No, it's not a new problem. The US government has been bought up, year after year, by special interests who feed regularly at the public trough. That the American people meekly allow this crime to happen is a crime in its own right (hypnotism by television is how it's done, we're convinced). A nation founded on the principle of democracy has degraded into a morass of special interests, all trying to divide an ever-shrinking pie. International corporations "off-shore" jobs and yet are surprised to find that their consumer market base is tapping further and further toward their credit card limits every month, unable to supply the steady stream of buying support they need for growth. As the middle class continues to shrink on both sides (the rich get richer and the poor get poorer), society's fabric is getting stretched to the tearing point. It's an untenable situation, but there is no leadership from either the Democrats or the Republicans. And, despite the mantra of change from Obama, there's little hope than either party will be able to find its way out of the mess without outside assistance.
Meanwhile, economists and other talking heads on business media continue in a state of denial about the current recession even as it continues to worsen. Instead of debating how many angels can dance on the head of a pin (how many down quarters in GDP constitutes a recession), it's time that government stand up and be counted to do what is needed to fix the economy. It won't happen unless both parties can stop pandering to the big money interests and get down to the job of providing cheap energy to the masses. You would have to be true optimist to expect that crew to get its act together this year.
The Royal Bank of Scotland dropped a bombshell call on the stock market before the opening Wednesday. They called for the market to crash very soon. This was in addition to an earlier announcement from the Bank for International Settlements, which warned that another Great Depression was straight ahead. Although this scared some traders into selling, it's also something typically seen at market bottoms:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -1.08% | -131.24 |
| DIAMONDS TRUST SER 1 (DIA) | -1.19% | -144.68 |
| Ultra Dow30 ProShares (DDM) | -2.11% | -256.92 |
| UltraShort Dow30 ProShares (DXD) | +2.35% | +286.10 |
| S&P 500 (index) | -0.99% | -120.89 |
| S& P DEP RECEIPTS (SPY) | -1.03% | -124.70 |
| Ultra S&P500 ProShares (SSO) | -2.07% | -251.20 |
| UltraShort S&P500 ProShares (SDS) | +2.10% | +255.56 |
| NYSE Composite (index) | -0.82% | -100.30 |
| ISHARES NYSE CMP IDX (NYC) | -1.00% | -121.89 |
| S&P SmallCap 600 (index) | -0.76% | -92.17 |
| Ultra SmallCap 600 ProShares (SAA) | -1.74% | -211.71 |
| Short SmallCap 600 ProShares (SBB) | +0.98% | +118.71 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.94% | +236.45 |
| Russell 2000 (index) | -0.80% | -96.74 |
| ISHARE RUS 2000 INDX (IWM) | -0.80% | -97.32 |
| Ultra Russell 2000 ProShares (UWM) | -1.65% | -200.23 |
| UltraShort Russell 2000 ProShares (TWM) | +1.46% | +177.98 |
| NASDAQ-100 (index) | -1.16% | -140.97 |
| NASDAQ 100 TR SER I (QQQQ) | -1.07% | -130.27 |
| Ultra QQQ ProShares (QLD) | -2.29% | -279.04 |
| UltraShort QQQ ProShares (QID) | +2.31% | +281.29 |
| S&P MidCap 400 (index) | -0.76% | -92.43 |
| ISHARE SP MC 400 INX (IJH) | -0.67% | -80.92 |
| Ultra MC400 ProShares (MVV) | -1.70% | -206.21 |
| UltraShort MC400 ProShares (MZZ) | +1.38% | +168.08 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.41% | +171.41 |
| Amex Gold (index) | +0.57% | +69.22 |
| MKT VECT GOLD MNRS (GDX) | +0.54% | +66.27 |
| STREETTRACKS GOLD TR (GLD) | +1.18% | +143.55 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -2.04% | -248.42 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +2.31% | +280.62 |
| Semiconductor Sector (index) | -2.32% | -282.37 |
| Ultra Semiconductors ProShares (USD) | -3.48% | -423.35 |
| UltraShort Semiconductors ProShares (SSG) | +3.64% | +442.12 |
| ISHARE DJ FIN SC INX (IYF) | -1.11% | -135.45 |
| ISHARES LEHMAN 20 YR (TLT) | +0.84% | +102.39 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.54% | +66.27 |
| ISHARES LEH AGG FD (AGG) | +0.42% | +51.25 |
| ISHARES GS $ INVEST (LQD) | +0.50% | +60.99 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.10% | +11.81 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +1.03% | +125.41 |
| Short Dow30 ProShares (DOG) | +1.08% | +131.60 |
| Short S&P500 ProShares (SH) | +0.83% | +100.62 |
| Short MC400 ProShares (MYY) | +0.74% | +90.28 |
| Short SmallCap 600 ProShares (SBB) | +0.98% | +118.71 |
| Short Russell 2000 ProShares (RWM) | +0.85% | +102.95 |
| UltraShort QQQ ProShares (QID) | +2.31% | +281.29 |
| UltraShort Dow30 ProShares (DXD) | +2.35% | +286.10 |
| UltraShort S&P500 ProShares (SDS) | +2.10% | +255.56 |
| UltraShort MC400 ProShares (MZZ) | +1.38% | +168.08 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.94% | +236.45 |
| UltraShort Russell 2000 ProShares (TWM) | +1.46% | +177.98 |
| UltraShort Russell 1000 Value ProShares (SJF) | +2.45% | +297.85 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +1.65% | +200.05 |
| UltraShort Russell MidCap Value ProShares (SJL) | +2.20% | +267.29 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +2.15% | +261.62 |
| UltraShort Russell 2000 Value ProShares (SJH) | +1.75% | +212.66 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +1.14% | +139.07 |
| UltraShort Basic Materials ProShares (SMN) | -0.57% | -68.94 |
| UltraShort Consumer Goods ProShares (SZK) | +2.80% | +340.62 |
| UltraShort Consumer Services ProShares (SCC) | +3.69% | +448.59 |
| UltraShort Financials ProShares (SKF) | +2.86% | +348.32 |
| UltraShort Health Care ProShares (RXD) | +2.54% | +308.65 |
| UltraShort Industrials ProShares (SIJ) | +1.88% | +228.59 |
| UltraShort Oil & Gas ProShares (DUG) | +0.15% | +18.08 |
| UltraShort Real Estate ProShares (SRS) | +3.12% | +379.68 |
| UltraShort Semiconductors ProShares (SSG) | +3.64% | +442.12 |
| UltraShort Technology ProShares (REW) | +2.83% | +343.94 |
| UltraShort Utilities ProShares (SDP) | +1.26% | +153.04 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.64% | +77.88 |
| Short MSCI EAFE ProShares (EFZ) | +0.72% | +87.94 |
| UltraShort MSCI EAFE ProShares (EFU) | +1.53% | +186.40 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.80% | +97.85 |
| UltraShort MSCI Japan ProShares (EWV) | +2.14% | +260.19 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -1.99% | -242.04 |
| Ultra QQQ ProShares (QLD) | -2.29% | -279.04 |
| Ultra Dow30 ProShares (DDM) | -2.11% | -256.92 |
| Ultra S&P500 ProShares (SSO) | -2.07% | -251.20 |
| Ultra MC400 ProShares (MVV) | -1.70% | -206.21 |
| Ultra SmallCap 600 ProShares (SAA) | -1.74% | -211.71 |
| Ultra Russell 2000 ProShares (UWM) | -1.65% | -200.23 |
| Ultra Russell 1000 Value ProShares (UVG) | -3.15% | -383.18 |
| Ultra Russell 1000 Growth ProShares (UKF) | -1.18% | -143.63 |
| Ultra Russell MidCap Value ProShares (UVU) | -1.56% | -189.11 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.83% | -100.85 |
| Ultra Russell 2000 Value ProShares (UVT) | -2.50% | -303.87 |
| Ultra Russell2000 Growth ProShares (UKK) | -2.33% | -283.09 |
| Ultra Basic Materials ProShares (UYM) | +0.75% | +91.26 |
| Ultra Consumer Goods ProShares (UGE) | -2.93% | -355.91 |
| Ultra Consumer Services ProShares (UCC) | -3.52% | -427.96 |
| Ultra Financials ProShares (UYG) | -2.96% | -360.06 |
| Ultra Health Care ProShares (RXL) | -2.17% | -263.62 |
| Ultra Industrials ProShares (UXI) | -2.61% | -317.71 |
| Ultra Oil & Gas ProShares (DIG) | -0.28% | -34.07 |
| Ultra Real Estate ProShares (URE) | -2.30% | -280.19 |
| Ultra Semiconductors ProShares (USD) | -3.48% | -423.35 |
| Ultra Technology ProShares (ROM) | -2.52% | -306.30 |
| Ultra Utilities ProShares (UPW) | -0.85% | -103.00 |
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 . . . .
Pullback Within Uptrend
Stocks on Tuesday pulled back on profit-taking on the recent rally as a short term time cycle made its low:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.89% | -108.78 |
| DIAMONDS TRUST SER 1 (DIA) | -0.71% | -86.96 |
| Ultra Dow30 ProShares (DDM) | -1.74% | -213.40 |
| UltraShort Dow30 ProShares (DXD) | +1.44% | +176.12 |
| S&P 500 (index) | -0.72% | -88.49 |
| S& P DEP RECEIPTS (SPY) | -0.50% | -61.24 |
| Ultra S&P500 ProShares (SSO) | -1.21% | -148.12 |
| UltraShort S&P500 ProShares (SDS) | +1.00% | +123.04 |
| NYSE Composite (index) | -0.15% | -18.18 |
| ISHARES NYSE CMP IDX (NYC) | +0.05% | +5.86 |
| S&P SmallCap 600 (index) | -0.59% | -72.07 |
| Ultra SmallCap 600 ProShares (SAA) | -0.57% | -69.35 |
| Short SmallCap 600 ProShares (SBB) | -0.14% | -17.33 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.82% | +100.99 |
| Russell 2000 (index) | -0.49% | -60.29 |
| ISHARE RUS 2000 INDX (IWM) | -0.08% | -9.98 |
| Ultra Russell 2000 ProShares (UWM) | -0.50% | -60.98 |
| UltraShort Russell 2000 ProShares (TWM) | +0.49% | +60.15 |
| NASDAQ-100 (index) | -0.58% | -71.09 |
| NASDAQ 100 TR SER I (QQQQ) | -0.53% | -65.37 |
| Ultra QQQ ProShares (QLD) | -0.67% | -81.75 |
| UltraShort QQQ ProShares (QID) | +0.41% | +50.10 |
| S&P MidCap 400 (index) | -0.05% | -5.90 |
| ISHARE SP MC 400 INX (IJH) | +0.03% | +4.23 |
| Ultra MC400 ProShares (MVV) | +0.01% | +1.55 |
| UltraShort MC400 ProShares (MZZ) | +0.08% | +9.84 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.56% | +68.20 |
| Amex Gold (index) | +0.90% | +110.23 |
| MKT VECT GOLD MNRS (GDX) | +0.80% | +98.29 |
| STREETTRACKS GOLD TR (GLD) | +0.28% | +33.84 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -0.47% | -58.21 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +0.24% | +29.56 |
| Semiconductor Sector (index) | -1.53% | -188.15 |
| Ultra Semiconductors ProShares (USD) | -2.53% | -310.09 |
| UltraShort Semiconductors ProShares (SSG) | +2.43% | +298.27 |
| ISHARE DJ FIN SC INX (IYF) | -2.81% | -345.32 |
| ISHARES LEHMAN 20 YR (TLT) | +0.20% | +24.84 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.34% | +41.40 |
| ISHARES LEH AGG FD (AGG) | +0.34% | +42.01 |
| ISHARES GS $ INVEST (LQD) | +0.33% | +39.94 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.19% | +23.88 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.58% | +71.45 |
| Short Dow30 ProShares (DOG) | +0.85% | +104.80 |
| Short S&P500 ProShares (SH) | +0.83% | +102.37 |
| Short MC400 ProShares (MYY) | -0.05% | -6.35 |
| Short SmallCap 600 ProShares (SBB) | -0.14% | -17.33 |
| Short Russell 2000 ProShares (RWM) | +0.37% | +45.40 |
| UltraShort QQQ ProShares (QID) | +0.41% | +50.10 |
| UltraShort Dow30 ProShares (DXD) | +1.44% | +176.12 |
| UltraShort S&P500 ProShares (SDS) | +1.00% | +123.04 |
| UltraShort MC400 ProShares (MZZ) | +0.08% | +9.84 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.82% | +100.99 |
| UltraShort Russell 2000 ProShares (TWM) | +0.49% | +60.15 |
| UltraShort Russell 1000 Value ProShares (SJF) | +1.38% | +169.42 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.71% | +86.57 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.22% | +26.73 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +1.13% | +138.41 |
| UltraShort Russell 2000 Value ProShares (SJH) | +1.23% | +150.47 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +0.55% | +67.80 |
| UltraShort Basic Materials ProShares (SMN) | -1.23% | -151.13 |
| UltraShort Consumer Goods ProShares (SZK) | +0.82% | +100.43 |
| UltraShort Consumer Services ProShares (SCC) | +2.38% | +292.29 |
| UltraShort Financials ProShares (SKF) | +5.12% | +627.59 |
| UltraShort Health Care ProShares (RXD) | -0.08% | -10.32 |
| UltraShort Industrials ProShares (SIJ) | +2.18% | +267.22 |
| UltraShort Oil & Gas ProShares (DUG) | -3.72% | -456.52 |
| UltraShort Real Estate ProShares (SRS) | +5.71% | +700.61 |
| UltraShort Semiconductors ProShares (SSG) | +2.43% | +298.27 |
| UltraShort Technology ProShares (REW) | +0.95% | +116.03 |
| UltraShort Utilities ProShares (SDP) | -0.62% | -75.51 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.41% | -49.95 |
| Short MSCI EAFE ProShares (EFZ) | -0.19% | -23.72 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.63% | -77.13 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -0.81% | -99.64 |
| UltraShort MSCI Japan ProShares (EWV) | -1.21% | -148.91 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +0.97% | +118.60 |
| Ultra QQQ ProShares (QLD) | -0.67% | -81.75 |
| Ultra Dow30 ProShares (DDM) | -1.74% | -213.40 |
| Ultra S&P500 ProShares (SSO) | -1.21% | -148.12 |
| Ultra MC400 ProShares (MVV) | +0.01% | +1.55 |
| Ultra SmallCap 600 ProShares (SAA) | -0.57% | -69.35 |
| Ultra Russell 2000 ProShares (UWM) | -0.50% | -60.98 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.24% | -151.72 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.89% | -109.15 |
| Ultra Russell MidCap Value ProShares (UVU) | -0.95% | -116.87 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.65% | -79.71 |
| Ultra Russell 2000 Value ProShares (UVT) | -0.60% | -74.05 |
| Ultra Russell2000 Growth ProShares (UKK) | +0.30% | +36.34 |
| Ultra Basic Materials ProShares (UYM) | +1.10% | +134.58 |
| Ultra Consumer Goods ProShares (UGE) | +1.03% | +126.98 |
| Ultra Consumer Services ProShares (UCC) | -2.29% | -280.42 |
| Ultra Financials ProShares (UYG) | -5.13% | -629.54 |
| Ultra Health Care ProShares (RXL) | -0.74% | -90.26 |
| Ultra Industrials ProShares (UXI) | -1.92% | -235.36 |
| Ultra Oil & Gas ProShares (DIG) | +3.90% | +477.95 |
| Ultra Real Estate ProShares (URE) | -6.01% | -736.92 |
| Ultra Semiconductors ProShares (USD) | -2.53% | -310.09 |
| Ultra Technology ProShares (ROM) | -1.16% | -141.95 |
| Ultra Utilities ProShares (UPW) | +1.21% | +148.49 |
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, June 17, 2008
Energy Crossroads At Hand
While there are some speculators who are brave enough to buy oil at new highs, there aren't many who are willing to hold on for long. That was the case on Monday as oil spurted to a new record, then quickly dripped to the floor again. With oil producers and consumers scheduled to meet this coming weekend to discuss what can be done about too-high oil prices, the handwriting is on the wall: fix the problem or risk a great depression, followed by international war (as $250 oil would surely bring).
The stock market reacted to the new higher oil price as expected (by falling), but quickly recovered once oil slid back again. Only the Dow and S&P 500 weren't able to put in good gains (the Dow was subject to profit-taking after being one of only a few stock indices to actually gain last week). The broad market was relatively strong, as were the tech and financial sectors:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.31% | -38.27 |
| DIAMONDS TRUST SER 1 (DIA) | -0.30% | -36.99 |
| Ultra Dow30 ProShares (DDM) | -0.85% | -104.42 |
| UltraShort Dow30 ProShares (DXD) | +0.47% | +57.69 |
| S&P 500 (index) | +0.04% | +4.53 |
| S& P DEP RECEIPTS (SPY) | +0.09% | +10.85 |
| Ultra S&P500 ProShares (SSO) | +0.33% | +40.82 |
| UltraShort S&P500 ProShares (SDS) | -0.28% | -34.87 |
| NYSE Composite (index) | +0.27% | +33.47 |
| ISHARES NYSE CMP IDX (NYC) | +0.29% | +35.37 |
| S&P SmallCap 600 (index) | +1.15% | +142.14 |
| Ultra SmallCap 600 ProShares (SAA) | +1.83% | +225.82 |
| Short SmallCap 600 ProShares (SBB) | -1.03% | -127.34 |
| UltraShort SmallCap 600 ProShares (SDD) | -2.32% | -286.05 |
| Russell 2000 (index) | +1.12% | +137.70 |
| ISHARE RUS 2000 INDX (IWM) | +0.63% | +77.21 |
| Ultra Russell 2000 ProShares (UWM) | +1.34% | +165.32 |
| UltraShort Russell 2000 ProShares (TWM) | -1.25% | -154.22 |
| NASDAQ-100 (index) | +0.86% | +105.41 |
| NASDAQ 100 TR SER I (QQQQ) | +0.89% | +109.41 |
| Ultra QQQ ProShares (QLD) | +1.83% | +225.61 |
| UltraShort QQQ ProShares (QID) | -1.58% | -194.77 |
| S&P MidCap 400 (index) | +0.82% | +100.52 |
| ISHARE SP MC 400 INX (IJH) | +0.76% | +93.94 |
| Ultra MC400 ProShares (MVV) | +1.67% | +205.89 |
| UltraShort MC400 ProShares (MZZ) | -1.13% | -139.05 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.15% | +141.86 |
| Amex Gold (index) | +1.60% | +197.44 |
| MKT VECT GOLD MNRS (GDX) | +1.58% | +194.58 |
| STREETTRACKS GOLD TR (GLD) | +1.37% | +169.20 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -2.83% | -348.51 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +3.13% | +385.37 |
| Semiconductor Sector (index) | +1.51% | +185.32 |
| Ultra Semiconductors ProShares (USD) | +2.97% | +365.08 |
| UltraShort Semiconductors ProShares (SSG) | -2.68% | -330.40 |
| ISHARE DJ FIN SC INX (IYF) | +1.09% | +134.69 |
| ISHARES LEHMAN 20 YR (TLT) | +0.02% | +2.77 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.01% | +1.43 |
| ISHARES LEH AGG FD (AGG) | +0.11% | +13.65 |
| ISHARES GS $ INVEST (LQD) | +0.36% | +43.87 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.06% | +7.49 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.99% | -121.96 |
| Short Dow30 ProShares (DOG) | +0.22% | +27.31 |
| Short S&P500 ProShares (SH) | +0.03% | +3.81 |
| Short MC400 ProShares (MYY) | -0.86% | -105.28 |
| Short SmallCap 600 ProShares (SBB) | -1.03% | -127.34 |
| Short Russell 2000 ProShares (RWM) | -0.84% | -103.70 |
| UltraShort QQQ ProShares (QID) | -1.58% | -194.77 |
| UltraShort Dow30 ProShares (DXD) | +0.47% | +57.69 |
| UltraShort S&P500 ProShares (SDS) | -0.28% | -34.87 |
| UltraShort MC400 ProShares (MZZ) | -1.13% | -139.05 |
| UltraShort SmallCap 600 ProShares (SDD) | -2.32% | -286.05 |
| UltraShort Russell 2000 ProShares (TWM) | -1.25% | -154.22 |
| UltraShort Russell 1000 Value ProShares (SJF) | +0.03% | +4.29 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.24% | -30.13 |
| UltraShort Russell MidCap Value ProShares (SJL) | -0.65% | -79.92 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -2.13% | -262.07 |
| UltraShort Russell 2000 Value ProShares (SJH) | -1.44% | -176.84 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -1.79% | -220.23 |
| UltraShort Basic Materials ProShares (SMN) | -1.22% | -149.76 |
| UltraShort Consumer Goods ProShares (SZK) | +1.33% | +163.33 |
| UltraShort Consumer Services ProShares (SCC) | -0.10% | -12.86 |
| UltraShort Financials ProShares (SKF) | -2.24% | -275.21 |
| UltraShort Health Care ProShares (RXD) | +0.98% | +121.00 |
| UltraShort Industrials ProShares (SIJ) | -0.75% | -92.17 |
| UltraShort Oil & Gas ProShares (DUG) | -1.10% | -135.01 |
| UltraShort Real Estate ProShares (SRS) | -3.02% | -372.12 |
| UltraShort Semiconductors ProShares (SSG) | -2.68% | -330.40 |
| UltraShort Technology ProShares (REW) | -0.76% | -93.72 |
| UltraShort Utilities ProShares (SDP) | -0.20% | -24.39 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.57% | -69.75 |
| Short MSCI EAFE ProShares (EFZ) | -0.75% | -92.88 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.86% | -106.20 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -0.82% | -100.84 |
| UltraShort MSCI Japan ProShares (EWV) | -1.72% | -211.14 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -1.40% | -172.86 |
| Ultra QQQ ProShares (QLD) | +1.83% | +225.61 |
| Ultra Dow30 ProShares (DDM) | -0.85% | -104.42 |
| Ultra S&P500 ProShares (SSO) | +0.33% | +40.82 |
| Ultra MC400 ProShares (MVV) | +1.67% | +205.89 |
| Ultra SmallCap 600 ProShares (SAA) | +1.83% | +225.82 |
| Ultra Russell 2000 ProShares (UWM) | +1.34% | +165.32 |
| Ultra Russell 1000 Value ProShares (UVG) | +3.26% | +400.73 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.64% | +79.27 |
| Ultra Russell MidCap Value ProShares (UVU) | +1.92% | +236.44 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.88% | +108.20 |
| Ultra Russell 2000 Value ProShares (UVT) | +1.94% | +238.81 |
| Ultra Russell2000 Growth ProShares (UKK) | +2.37% | +291.99 |
| Ultra Basic Materials ProShares (UYM) | +0.90% | +111.25 |
| Ultra Consumer Goods ProShares (UGE) | -2.64% | -324.81 |
| Ultra Consumer Services ProShares (UCC) | -0.02% | -2.58 |
| Ultra Financials ProShares (UYG) | +2.22% | +273.29 |
| Ultra Health Care ProShares (RXL) | +0.24% | +29.50 |
| Ultra Industrials ProShares (UXI) | +0.86% | +105.42 |
| Ultra Oil & Gas ProShares (DIG) | +1.15% | +141.76 |
| Ultra Real Estate ProShares (URE) | +2.82% | +347.15 |
| Ultra Semiconductors ProShares (USD) | +2.97% | +365.08 |
| Ultra Technology ProShares (ROM) | +1.29% | +158.84 |
| Ultra Utilities ProShares (UPW) | +0.47% | +57.68 |
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 . . . .
Sunday, June 15, 2008
Sell in May Was Good Advice
The old Wall Street saying, "Sell in May and go away." certainly turned out to be true this year, didn't it? Most indices peaked in May (a few peaked in June, however) and are considerably lower now, despite the bounce from the midweek low we saw. One thing that was odd was how many articles appeared which mentioned this idea and then attempted to debunk it, as if it were just some piece of folklore left over from a less-enlightened age. Well, the old pattern was still there, alive and kicking. Which just goes to show that things aren't different this time.
Friday saw the market continue to rebound, though, as traders bought bargains:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +1.37% | +165.77 |
| DIAMONDS TRUST SER 1 (DIA) | +1.23% | +148.75 |
| Ultra Dow30 ProShares (DDM) | +2.63% | +318.88 |
| UltraShort Dow30 ProShares (DXD) | -2.19% | -265.48 |
| S&P 500 (index) | +1.45% | +176.43 |
| S& P DEP RECEIPTS (SPY) | +1.23% | +148.99 |
| Ultra S&P500 ProShares (SSO) | +2.29% | +277.57 |
| UltraShort S&P500 ProShares (SDS) | -2.25% | -272.98 |
| NYSE Composite (index) | +1.29% | +156.73 |
| ISHARES NYSE CMP IDX (NYC) | +1.06% | +129.29 |
| S&P SmallCap 600 (index) | +1.84% | +223.96 |
| Ultra SmallCap 600 ProShares (SAA) | +3.58% | +434.36 |
| Short SmallCap 600 ProShares (SBB) | -1.19% | -144.26 |
| UltraShort SmallCap 600 ProShares (SDD) | -3.77% | -457.72 |
| Russell 2000 (index) | +1.69% | +205.10 |
| ISHARE RUS 2000 INDX (IWM) | +1.81% | +219.16 |
| Ultra Russell 2000 ProShares (UWM) | +3.45% | +419.48 |
| UltraShort Russell 2000 ProShares (TWM) | -3.53% | -428.62 |
| NASDAQ-100 (index) | +2.06% | +250.43 |
| NASDAQ 100 TR SER I (QQQQ) | +2.00% | +243.24 |
| Ultra QQQ ProShares (QLD) | +3.46% | +420.17 |
| UltraShort QQQ ProShares (QID) | -3.56% | -432.37 |
| S&P MidCap 400 (index) | +1.60% | +194.53 |
| ISHARE SP MC 400 INX (IJH) | +1.53% | +185.32 |
| Ultra MC400 ProShares (MVV) | +3.08% | +373.64 |
| UltraShort MC400 ProShares (MZZ) | -3.32% | -402.55 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.40% | +47.98 |
| Amex Gold (index) | +0.02% | +2.15 |
| MKT VECT GOLD MNRS (GDX) | -0.09% | -11.28 |
| STREETTRACKS GOLD TR (GLD) | +0.27% | +32.62 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -0.33% | -39.85 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +0.35% | +42.39 |
| Semiconductor Sector (index) | +2.66% | +323.49 |
| Ultra Semiconductors ProShares (USD) | +5.51% | +669.09 |
| UltraShort Semiconductors ProShares (SSG) | -5.74% | -697.04 |
| ISHARE DJ FIN SC INX (IYF) | +1.77% | +214.77 |
| ISHARES LEHMAN 20 YR (TLT) | -0.21% | -25.90 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.23% | -28.19 |
| ISHARES LEH AGG FD (AGG) | -0.25% | -30.52 |
| ISHARES GS $ INVEST (LQD) | -0.52% | -63.38 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.11% | +13.32 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -1.91% | -231.76 |
| Short Dow30 ProShares (DOG) | -1.16% | -140.78 |
| Short S&P500 ProShares (SH) | -1.58% | -192.08 |
| Short MC400 ProShares (MYY) | -1.37% | -165.96 |
| Short SmallCap 600 ProShares (SBB) | -1.19% | -144.26 |
| Short Russell 2000 ProShares (RWM) | -1.87% | -226.70 |
| UltraShort QQQ ProShares (QID) | -3.56% | -432.37 |
| UltraShort Dow30 ProShares (DXD) | -2.19% | -265.48 |
| UltraShort S&P500 ProShares (SDS) | -2.25% | -272.98 |
| UltraShort MC400 ProShares (MZZ) | -3.32% | -402.55 |
| UltraShort SmallCap 600 ProShares (SDD) | -3.77% | -457.72 |
| UltraShort Russell 2000 ProShares (TWM) | -3.53% | -428.62 |
| UltraShort Russell 1000 Value ProShares (SJF) | -2.93% | -355.70 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -3.83% | -464.58 |
| UltraShort Russell MidCap Value ProShares (SJL) | -2.30% | -279.58 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -3.94% | -478.30 |
| UltraShort Russell 2000 Value ProShares (SJH) | -3.09% | -375.69 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -4.54% | -550.81 |
| UltraShort Basic Materials ProShares (SMN) | -5.83% | -708.26 |
| UltraShort Consumer Goods ProShares (SZK) | -0.06% | -6.71 |
| UltraShort Consumer Services ProShares (SCC) | -4.33% | -525.90 |
| UltraShort Financials ProShares (SKF) | -3.24% | -393.57 |
| UltraShort Health Care ProShares (RXD) | -1.95% | -236.97 |
| UltraShort Industrials ProShares (SIJ) | -2.81% | -341.45 |
| UltraShort Oil & Gas ProShares (DUG) | -0.84% | -102.24 |
| UltraShort Real Estate ProShares (SRS) | -3.84% | -466.78 |
| UltraShort Semiconductors ProShares (SSG) | -5.74% | -697.04 |
| UltraShort Technology ProShares (REW) | -3.96% | -481.12 |
| UltraShort Utilities ProShares (SDP) | -2.38% | -288.86 |
| Short MSCI Emerging Markets ProShares (EUM) | -1.07% | -129.67 |
| Short MSCI EAFE ProShares (EFZ) | -0.82% | -100.11 |
| UltraShort MSCI EAFE ProShares (EFU) | -1.89% | -229.84 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -1.83% | -221.81 |
| UltraShort MSCI Japan ProShares (EWV) | -1.65% | -200.07 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +0.05% | +6.09 |
| Ultra QQQ ProShares (QLD) | +3.46% | +420.17 |
| Ultra Dow30 ProShares (DDM) | +2.63% | +318.88 |
| Ultra S&P500 ProShares (SSO) | +2.29% | +277.57 |
| Ultra MC400 ProShares (MVV) | +3.08% | +373.64 |
| Ultra SmallCap 600 ProShares (SAA) | +3.58% | +434.36 |
| Ultra Russell 2000 ProShares (UWM) | +3.45% | +419.48 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.02% | -2.58 |
| Ultra Russell 1000 Growth ProShares (UKF) | +3.16% | +383.67 |
| Ultra Russell MidCap Value ProShares (UVU) | -0.39% | -47.47 |
| Ultra Russell MidCap Growth ProShares (UKW) | +5.09% | +617.99 |
| Ultra Russell 2000 Value ProShares (UVT) | +2.35% | +285.23 |
| Ultra Russell2000 Growth ProShares (UKK) | +3.74% | +453.85 |
| Ultra Basic Materials ProShares (UYM) | +5.73% | +696.24 |
| Ultra Consumer Goods ProShares (UGE) | +0.79% | +95.91 |
| Ultra Consumer Services ProShares (UCC) | +5.67% | +688.58 |
| Ultra Financials ProShares (UYG) | +3.08% | +373.73 |
| Ultra Health Care ProShares (RXL) | +2.11% | +256.00 |
| Ultra Industrials ProShares (UXI) | +2.58% | +312.69 |
| Ultra Oil & Gas ProShares (DIG) | +0.57% | +69.80 |
| Ultra Real Estate ProShares (URE) | +3.73% | +452.46 |
| Ultra Semiconductors ProShares (USD) | +5.51% | +669.09 |
| Ultra Technology ProShares (ROM) | +3.45% | +419.25 |
| Ultra Utilities ProShares (UPW) | +2.79% | +338.28 |
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 . . . .
Friday, June 13, 2008
British Balk At Curbing Oil Speculators
Oil goes up a dollar, stocks fall a few hundred points. Oil falls a dollar, stocks go back up.
With oil prices whipping the stock market up and down like a rag doll, the role of speculators in cornering the oil market is becoming a major economic problem. While some oil speculators in New York are limited in how much of the market they can control, the British government does not regulate how much of American oil British speculators can hold. In a striking analogy to the Boston Tea Party, the British government is taking a hands-off attitude toward modern-day "Texas Tea" pirates who are holding consumers hostage to outrageous oil prices. According to an article in Friday's edition of Times of London:
The Americans want to cap the amount of particular oil contracts that a trader can hold. The moves would limit the ability of a trading firm or individual trader to corner the market in one type of futures oil contract.
That "one type of futures oil contract" is the West Texas Intermediate oil contract. The CFTC has urged the FSA (Financial Services Authority) to impose limits on the positions that traders can take on the West Texas crude oil futures contract, bringing British traders in line with their American counterparts.
The British contend that high oil prices are due to OPEC keeping supplies tight, while OPEC denies it. And, in fact, figures from OPEC support their view that there is a 500,000-barrel per day surplus of oil on the market right now. That view is backed up by Takao Kitabata, Japan's vice minister for economy, trade and industry, who says that current oil prices of $130-$140/barrel can't be explained by fundamentals and blames speculative fund managers for pushing up prices.
In a related article slated to appear on Friday, the Times suggests that Rising oil prices are on a slippery slope to disaster.
At some point very soon, the governments of the world need to take concerted action to stem this, the greatest crisis of the post-Great Depression period, or risk a repeat performance of that depression.
Late in the day, Reuters reported that:
A U.S. congressional source told Reuters on Thursday that the U.S. Commodity Futures Trading Commission and Britain's Financial Services Authority are working on a deal to impose position limits for the first time on U.S. crude oil contracts traded on the ICE futures Europe exchange.
An OptionsXpress spokesperson said, "There's probably a feeling among the hedge fund and index fund community that there is a big target on their backs." The same might be said for traders in commodity ETFs, which may get the blame for high oil prices before too much longer.
Stocks ended slightly higher as they continue being crushed by high oil prices:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.48% | +57.81 |
| DIAMONDS TRUST SER 1 (DIA) | +0.44% | +52.89 |
| Ultra Dow30 ProShares (DDM) | +0.91% | +109.65 |
| UltraShort Dow30 ProShares (DXD) | -0.87% | -105.61 |
| S&P 500 (index) | +0.37% | +45.24 |
| S& P DEP RECEIPTS (SPY) | +0.37% | +45.10 |
| Ultra S&P500 ProShares (SSO) | +0.74% | +89.78 |
| UltraShort S&P500 ProShares (SDS) | -0.70% | -84.06 |
| NYSE Composite (index) | +0.07% | +8.73 |
| ISHARES NYSE CMP IDX (NYC) | +0.17% | +20.51 |
| S&P SmallCap 600 (index) | +0.20% | +24.53 |
| Ultra SmallCap 600 ProShares (SAA) | +0.32% | +38.40 |
| Short SmallCap 600 ProShares (SBB) | -0.07% | -8.34 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.11% | -13.58 |
| Russell 2000 (index) | +0.32% | +38.21 |
| ISHARE RUS 2000 INDX (IWM) | +0.21% | +25.22 |
| Ultra Russell 2000 ProShares (UWM) | +0.70% | +84.55 |
| UltraShort Russell 2000 ProShares (TWM) | -0.83% | -100.41 |
| NASDAQ-100 (index) | +0.07% | +8.35 |
| NASDAQ 100 TR SER I (QQQQ) | +0.08% | +10.20 |
| Ultra QQQ ProShares (QLD) | +0.25% | +29.84 |
| UltraShort QQQ ProShares (QID) | -0.19% | -23.37 |
| S&P MidCap 400 (index) | +0.06% | +7.52 |
| ISHARE SP MC 400 INX (IJH) | -0.01% | -1.42 |
| Ultra MC400 ProShares (MVV) | -0.15% | -17.61 |
| UltraShort MC400 ProShares (MZZ) | -0.04% | -4.63 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.14% | +17.08 |
| Amex Gold (index) | -2.27% | -274.81 |
| MKT VECT GOLD MNRS (GDX) | -2.40% | -290.38 |
| STREETTRACKS GOLD TR (GLD) | -1.63% | -197.18 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +3.08% | +372.00 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -3.19% | -385.09 |
| Semiconductor Sector (index) | +0.50% | +60.47 |
| Ultra Semiconductors ProShares (USD) | +1.09% | +131.35 |
| UltraShort Semiconductors ProShares (SSG) | -0.66% | -79.74 |
| ISHARE DJ FIN SC INX (IYF) | +1.57% | +189.76 |
| ISHARES LEHMAN 20 YR (TLT) | -1.00% | -120.89 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.87% | -105.68 |
| ISHARES LEH AGG FD (AGG) | -0.62% | -74.87 |
| ISHARES GS $ INVEST (LQD) | -0.85% | -102.67 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.49% | -58.61 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -0.19% | -23.45 |
| Short Dow30 ProShares (DOG) | -0.39% | -47.15 |
| Short S&P500 ProShares (SH) | -0.12% | -14.69 |
| Short MC400 ProShares (MYY) | -0.02% | -2.04 |
| Short SmallCap 600 ProShares (SBB) | -0.07% | -8.34 |
| Short Russell 2000 ProShares (RWM) | -0.21% | -25.73 |
| UltraShort QQQ ProShares (QID) | -0.19% | -23.37 |
| UltraShort Dow30 ProShares (DXD) | -0.87% | -105.61 |
| UltraShort S&P500 ProShares (SDS) | -0.70% | -84.06 |
| UltraShort MC400 ProShares (MZZ) | -0.04% | -4.63 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.11% | -13.58 |
| UltraShort Russell 2000 ProShares (TWM) | -0.83% | -100.41 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.69% | -83.83 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.04% | -5.33 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.60% | +72.84 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +0.24% | +29.37 |
| UltraShort Russell 2000 Value ProShares (SJH) | -0.12% | -14.67 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -0.18% | -21.96 |
| UltraShort Basic Materials ProShares (SMN) | +1.87% | +226.54 |
| UltraShort Consumer Goods ProShares (SZK) | -0.96% | -115.75 |
| UltraShort Consumer Services ProShares (SCC) | -1.13% | -136.67 |
| UltraShort Financials ProShares (SKF) | -3.65% | -441.51 |
| UltraShort Health Care ProShares (RXD) | -0.99% | -119.60 |
| UltraShort Industrials ProShares (SIJ) | -0.43% | -51.75 |
| UltraShort Oil & Gas ProShares (DUG) | +2.81% | +340.02 |
| UltraShort Real Estate ProShares (SRS) | -1.00% | -121.03 |
| UltraShort Semiconductors ProShares (SSG) | -0.66% | -79.74 |
| UltraShort Technology ProShares (REW) | -1.41% | -170.19 |
| UltraShort Utilities ProShares (SDP) | +1.21% | +146.67 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.65% | -78.53 |
| Short MSCI EAFE ProShares (EFZ) | +0.68% | +81.79 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.53% | +64.28 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -0.86% | -104.52 |
| UltraShort MSCI Japan ProShares (EWV) | +0.28% | +33.54 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -4.08% | -493.01 |
| Ultra QQQ ProShares (QLD) | +0.25% | +29.84 |
| Ultra Dow30 ProShares (DDM) | +0.91% | +109.65 |
| Ultra S&P500 ProShares (SSO) | +0.74% | +89.78 |
| Ultra MC400 ProShares (MVV) | -0.15% | -17.61 |
| Ultra SmallCap 600 ProShares (SAA) | +0.32% | +38.40 |
| Ultra Russell 2000 ProShares (UWM) | +0.70% | +84.55 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.09% | -10.28 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.28% | +33.38 |
| Ultra Russell MidCap Value ProShares (UVU) | +0.77% | +92.70 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.98% | -118.59 |
| Ultra Russell 2000 Value ProShares (UVT) | -0.51% | -61.15 |
| Ultra Russell2000 Growth ProShares (UKK) | +0.69% | +83.31 |
| Ultra Basic Materials ProShares (UYM) | -1.40% | -169.64 |
| Ultra Consumer Goods ProShares (UGE) | +0.45% | +54.79 |
| Ultra Consumer Services ProShares (UCC) | 0.00% | 0.00 |
| Ultra Financials ProShares (UYG) | +3.68% | +444.98 |
| Ultra Health Care ProShares (RXL) | -0.06% | -6.82 |
| Ultra Industrials ProShares (UXI) | +0.64% | +77.38 |
| Ultra Oil & Gas ProShares (DIG) | -2.92% | -352.52 |
| Ultra Real Estate ProShares (URE) | +1.63% | +196.67 |
| Ultra Semiconductors ProShares (USD) | +1.09% | +131.35 |
| Ultra Technology ProShares (ROM) | +1.81% | +219.02 |
| Ultra Utilities ProShares (UPW) | -1.36% | -164.49 |
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 . . . .
Wednesday, June 11, 2008
It's All Oil All The Time
The latest reading on crude oil supplies hit the market like a ton of bricks Wednesday as the Energy Department said, if you believe it, crude oil stockpiles dropped in the latest week, to a level which will be exhausted in a little over 19 days of usage. Traders found the news bullish, pushing crude oil prices substantially higher and triggering more selling in the stock market.
Now, anyone who believes statistics which the government releases should look at the track record of this government bureaucracy. Just last year, this gang projected future oil prices thusly:
In the reference case, world oil prices decline from $68 per barrel in 2006 to $49 per barrel in 2014, then rise to $59 per barrel in 2030 ($95 per barrel on a nominal basis).
Yes, right. According to the government, oil will soar to $95 per barrel in 2030. That would certainly be an improvement from 2008 prices, now wouldn't it?
Some say that the demand for oil exceeds the supply. One oil industry insider, who is profiting enormously from the current level of oil prices, is Boone Pickens, who claims that the supply of oil is more than one million barrels per day lower than the demand. He indicates the soaring price is a simple supply-demand equation, with price the elastic portion squirting higher.
Yet, according to representatives of OPEC, they are offering to sell more oil, but they are not finding anyone who is actually willing to buy it. Maybe that's because refiners are reluctant to pay inflated prices for oil and then be left holding the bag when prices drop? Between the speculators in the futures who are confusing a drop in demand for oil as a drop in supply, the Energy Department, which somehow lost track of most of the "drop" in oil inventories in the latest reporting week (the "Unaccounted For" category in the report was almost equal to the actual "drop" they reported) and OPEC, which says they're quite willing to sell more oil if someone were only willing to buy it, we have quite a dysfunctional and irrational market.
The Commodity Futures Trading Commission (CFTC) is wondering whether speculators are taking excessive positions in oil markets which allow them to corner the market. They are holding an initial hearing on Thursday aiming to uncover the source of this mania. Among areas of interest include the ICE Exchange in London which allows speculators to take on unlimited positions in West Texas Intermediate oil and the role of Sovereign Wealth Funds (SWFs), which, among other sources of income, invest oil producer profits in markets around the world. The initial objective of SWFs was to diversify out of oil into alternative investments which were not correlated with the price of oil. But, in hiding their positions in London's ICE (currently an opaque marketplace in which CFTC has no regulatory authority), the suspicion (unsaid, but clearly implied) is that oil producing countries are using excess profits from selling oil and putting them to work in buying up oil on the London market, driving prices ever higher in an endless feedback loop. That endless loop of higher prices can only end badly in various scenarios which include a complete breakdown of the world economy (estimated to occur in the $250-400 per barrel range), a regulatory crackdown by the US Government (presumably with the cooperation of the British authorities) and/or a complete meltdown in the price of oil at some level before it has a chance to melt down the world economy. Oh, there's also the Dubai market which trades West Texas oil and has no limits and is as opaque and unregulated as the London market. The CFTC could crack down on speculators in the US immediately, but is hesitant to do so for fear that they would simply move to alternative sites where they could continue to run their corner. Obviously, the CFTC will have to have the cooperation of foreign authorities if they find that speculators are at fault.
All scenarios would likely pull the entire commodity price structure down due to the unwinding of investments in commodity index funds and ETFs by traders. In other words, when traders sell their commodity ETFs, it will force fund managers to liquidate contracts in all of the underlying commodities represented by the ETF. This selling will cascade into more selling by ETF and fund traders due to momentum sell orders and computerized trading. Remember: now that the short sale uptick rule is a relic of the past, unbridled selling will cause all commodities to crash together.
In any case, stocks staggered Wednesday as oil prices weighed them down:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -1.68% | -205.99 |
| DIAMONDS TRUST SER 1 (DIA) | -1.42% | -175.08 |
| Ultra Dow30 ProShares (DDM) | -2.83% | -347.45 |
| UltraShort Dow30 ProShares (DXD) | +2.71% | +333.17 |
| S&P 500 (index) | -1.69% | -207.63 |
| S& P DEP RECEIPTS (SPY) | -1.51% | -185.24 |
| Ultra S&P500 ProShares (SSO) | -2.89% | -354.68 |
| UltraShort S&P500 ProShares (SDS) | +2.86% | +351.78 |
| NYSE Composite (index) | -1.39% | -170.55 |
| ISHARES NYSE CMP IDX (NYC) | -1.53% | -187.76 |
| S&P SmallCap 600 (index) | -2.02% | -247.66 |
| Ultra SmallCap 600 ProShares (SAA) | -3.81% | -468.43 |
| Short SmallCap 600 ProShares (SBB) | +2.09% | +256.36 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.84% | +471.58 |
| Russell 2000 (index) | -2.01% | -247.26 |
| ISHARE RUS 2000 INDX (IWM) | -1.74% | -213.40 |
| Ultra Russell 2000 ProShares (UWM) | -3.40% | -417.66 |
| UltraShort Russell 2000 ProShares (TWM) | +3.28% | +402.86 |
| NASDAQ-100 (index) | -2.44% | -300.37 |
| NASDAQ 100 TR SER I (QQQQ) | -2.39% | -293.70 |
| Ultra QQQ ProShares (QLD) | -4.53% | -556.25 |
| UltraShort QQQ ProShares (QID) | +4.58% | +562.44 |
| S&P MidCap 400 (index) | -1.75% | -214.85 |
| ISHARE SP MC 400 INX (IJH) | -1.64% | -201.52 |
| Ultra MC400 ProShares (MVV) | -3.35% | -412.18 |
| UltraShort MC400 ProShares (MZZ) | +2.96% | +363.60 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +2.34% | +287.96 |
| Amex Gold (index) | -0.24% | -29.57 |
| MKT VECT GOLD MNRS (GDX) | -0.23% | -27.80 |
| STREETTRACKS GOLD TR (GLD) | +1.72% | +211.17 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -3.21% | -394.37 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +3.60% | +442.65 |
| Semiconductor Sector (index) | -3.44% | -422.24 |
| Ultra Semiconductors ProShares (USD) | -6.33% | -777.61 |
| UltraShort Semiconductors ProShares (SSG) | +5.84% | +717.28 |
| ISHARE DJ FIN SC INX (IYF) | -2.74% | -337.23 |
| ISHARES LEHMAN 20 YR (TLT) | -0.23% | -28.62 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.10% | +12.74 |
| ISHARES LEH AGG FD (AGG) | +0.13% | +15.99 |
| ISHARES GS $ INVEST (LQD) | -0.04% | -4.80 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.17% | +20.90 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +2.42% | +297.53 |
| Short Dow30 ProShares (DOG) | +1.36% | +167.21 |
| Short S&P500 ProShares (SH) | +1.53% | +187.67 |
| Short MC400 ProShares (MYY) | +1.63% | +200.19 |
| Short SmallCap 600 ProShares (SBB) | +2.09% | +256.36 |
| Short Russell 2000 ProShares (RWM) | +2.01% | +246.93 |
| UltraShort QQQ ProShares (QID) | +4.58% | +562.44 |
| UltraShort Dow30 ProShares (DXD) | +2.71% | +333.17 |
| UltraShort S&P500 ProShares (SDS) | +2.86% | +351.78 |
| UltraShort MC400 ProShares (MZZ) | +2.96% | +363.60 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.84% | +471.58 |
| UltraShort Russell 2000 ProShares (TWM) | +3.28% | +402.86 |
| UltraShort Russell 1000 Value ProShares (SJF) | +3.29% | +404.83 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +3.08% | +378.29 |
| UltraShort Russell MidCap Value ProShares (SJL) | +2.93% | +360.32 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +3.21% | +394.95 |
| UltraShort Russell 2000 Value ProShares (SJH) | +4.22% | +518.85 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +3.40% | +417.36 |
| UltraShort Basic Materials ProShares (SMN) | +2.28% | +280.12 |
| UltraShort Consumer Goods ProShares (SZK) | +2.07% | +254.03 |
| UltraShort Consumer Services ProShares (SCC) | +4.31% | +529.26 |
| UltraShort Financials ProShares (SKF) | +5.74% | +705.31 |
| UltraShort Health Care ProShares (RXD) | +3.55% | +436.35 |
| UltraShort Industrials ProShares (SIJ) | +4.28% | +525.62 |
| UltraShort Oil & Gas ProShares (DUG) | -1.35% | -166.20 |
| UltraShort Real Estate ProShares (SRS) | +3.95% | +484.86 |
| UltraShort Semiconductors ProShares (SSG) | +5.84% | +717.28 |
| UltraShort Technology ProShares (REW) | +4.67% | +573.72 |
| UltraShort Utilities ProShares (SDP) | +0.89% | +109.23 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.54% | +188.67 |
| Short MSCI EAFE ProShares (EFZ) | +1.20% | +147.72 |
| UltraShort MSCI EAFE ProShares (EFU) | +2.87% | +352.67 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +2.64% | +323.91 |
| UltraShort MSCI Japan ProShares (EWV) | +2.95% | +362.94 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +5.15% | +633.00 |
| Ultra QQQ ProShares (QLD) | -4.53% | -556.25 |
| Ultra Dow30 ProShares (DDM) | -2.83% | -347.45 |
| Ultra S&P500 ProShares (SSO) | -2.89% | -354.68 |
| Ultra MC400 ProShares (MVV) | -3.35% | -412.18 |
| Ultra SmallCap 600 ProShares (SAA) | -3.81% | -468.43 |
| Ultra Russell 2000 ProShares (UWM) | -3.40% | -417.66 |
| Ultra Russell 1000 Value ProShares (UVG) | -2.20% | -270.83 |
| Ultra Russell 1000 Growth ProShares (UKF) | -3.22% | -396.19 |
| Ultra Russell MidCap Value ProShares (UVU) | -2.51% | -308.05 |
| Ultra Russell MidCap Growth ProShares (UKW) | -3.67% | -450.95 |
| Ultra Russell 2000 Value ProShares (UVT) | -1.75% | -215.30 |
| Ultra Russell2000 Growth ProShares (UKK) | -3.75% | -460.65 |
| Ultra Basic Materials ProShares (UYM) | -2.14% | -262.52 |
| Ultra Consumer Goods ProShares (UGE) | -2.12% | -261.03 |
| Ultra Consumer Services ProShares (UCC) | -4.16% | -511.42 |
| Ultra Financials ProShares (UYG) | -5.78% | -710.66 |
| Ultra Health Care ProShares (RXL) | -2.74% | -337.32 |
| Ultra Industrials ProShares (UXI) | -4.11% | -504.89 |
| Ultra Oil & Gas ProShares (DIG) | +1.76% | +216.80 |
| Ultra Real Estate ProShares (URE) | -3.56% | -437.73 |
| Ultra Semiconductors ProShares (USD) | -6.33% | -777.61 |
| Ultra Technology ProShares (ROM) | -4.73% | -581.74 |
| Ultra Utilities ProShares (UPW) | -1.24% | -152.74 |
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 . . . .
Mixed Market Treads Water
Change is in the air. The politicians tell us so, so it must be true. The nature of the changes that are coming are good news to some and bad news to others. But, change is coming and cannot be stopped. As Robert Heinlein told us in Time Enough For Love:
If you are part of a society that votes, then do so. There may be no candidates and no measures you want to vote for . . . but there are certain to be ones you want to vote against. In case of doubt, vote against. By this rule you will rarely go wrong.
If this is too blind for your taste, consult some well-meaning fool (there is always one around) and ask his advice. Then vote the other way. This enables you to be a good citizen (if such is your wish) without spending the enormous amount of time on it that truly intelligent exercise of franchise requires.
The stock market was mixed, but basically unchanged on Tuesday. The Dow gained ground while the broad market lost ground, an inversion of the pattern we had been seeing in prior weeks:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.08% | +9.44 |
| DIAMONDS TRUST SER 1 (DIA) | -0.16% | -19.96 |
| Ultra Dow30 ProShares (DDM) | -0.28% | -34.28 |
| UltraShort Dow30 ProShares (DXD) | +0.36% | +44.25 |
| S&P 500 (index) | -0.29% | -35.80 |
| S& P DEP RECEIPTS (SPY) | -0.51% | -62.88 |
| Ultra S&P500 ProShares (SSO) | -1.14% | -140.15 |
| UltraShort S&P500 ProShares (SDS) | +1.11% | +136.38 |
| NYSE Composite (index) | -0.90% | -110.05 |
| ISHARES NYSE CMP IDX (NYC) | -0.63% | -77.20 |
| S&P SmallCap 600 (index) | -0.26% | -31.64 |
| Ultra SmallCap 600 ProShares (SAA) | -0.55% | -68.07 |
| Short SmallCap 600 ProShares (SBB) | -0.32% | -39.68 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.63% | +77.53 |
| Russell 2000 (index) | -0.31% | -38.58 |
| ISHARE RUS 2000 INDX (IWM) | -0.73% | -90.00 |
| Ultra Russell 2000 ProShares (UWM) | -1.64% | -201.84 |
| UltraShort Russell 2000 ProShares (TWM) | +1.66% | +203.74 |
| NASDAQ-100 (index) | -0.37% | -45.16 |
| NASDAQ 100 TR SER I (QQQQ) | -0.47% | -57.91 |
| Ultra QQQ ProShares (QLD) | -1.44% | -176.90 |
| UltraShort QQQ ProShares (QID) | +1.36% | +166.80 |
| S&P MidCap 400 (index) | -0.71% | -87.79 |
| ISHARE SP MC 400 INX (IJH) | -0.74% | -91.49 |
| Ultra MC400 ProShares (MVV) | -1.61% | -197.97 |
| UltraShort MC400 ProShares (MZZ) | +1.79% | +219.42 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.12% | -14.19 |
| Amex Gold (index) | -5.37% | -659.64 |
| MKT VECT GOLD MNRS (GDX) | -5.27% | -647.30 |
| STREETTRACKS GOLD TR (GLD) | -2.77% | -340.54 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +5.93% | +728.39 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -5.66% | -695.44 |
| Semiconductor Sector (index) | -1.70% | -208.60 |
| Ultra Semiconductors ProShares (USD) | -3.32% | -407.98 |
| UltraShort Semiconductors ProShares (SSG) | +3.19% | +391.93 |
| ISHARE DJ FIN SC INX (IYF) | +0.65% | +79.99 |
| ISHARES LEHMAN 20 YR (TLT) | -0.65% | -79.83 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.60% | -73.12 |
| ISHARES LEH AGG FD (AGG) | -0.53% | -64.78 |
| ISHARES GS $ INVEST (LQD) | -0.57% | -70.32 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.23% | -28.27 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.64% | +78.15 |
| Short Dow30 ProShares (DOG) | +0.22% | +27.26 |
| Short S&P500 ProShares (SH) | +0.26% | +32.29 |
| Short MC400 ProShares (MYY) | +0.74% | +91.22 |
| Short SmallCap 600 ProShares (SBB) | -0.32% | -39.68 |
| Short Russell 2000 ProShares (RWM) | +0.61% | +75.48 |
| UltraShort QQQ ProShares (QID) | +1.36% | +166.80 |
| UltraShort Dow30 ProShares (DXD) | +0.36% | +44.25 |
| UltraShort S&P500 ProShares (SDS) | +1.11% | +136.38 |
| UltraShort MC400 ProShares (MZZ) | +1.79% | +219.42 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.63% | +77.53 |
| UltraShort Russell 2000 ProShares (TWM) | +1.66% | +203.74 |
| UltraShort Russell 1000 Value ProShares (SJF) | +1.16% | +142.14 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.58% | +71.17 |
| UltraShort Russell MidCap Value ProShares (SJL) | +1.75% | +214.32 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +1.66% | +203.53 |
| UltraShort Russell 2000 Value ProShares (SJH) | +0.31% | +38.26 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +0.77% | +94.78 |
| UltraShort Basic Materials ProShares (SMN) | +2.56% | +314.41 |
| UltraShort Consumer Goods ProShares (SZK) | -1.23% | -150.77 |
| UltraShort Consumer Services ProShares (SCC) | -0.31% | -37.86 |
| UltraShort Financials ProShares (SKF) | -0.88% | -108.30 |
| UltraShort Health Care ProShares (RXD) | +1.00% | +122.58 |
| UltraShort Industrials ProShares (SIJ) | +0.62% | +76.41 |
| UltraShort Oil & Gas ProShares (DUG) | +3.73% | +457.85 |
| UltraShort Real Estate ProShares (SRS) | -0.23% | -28.20 |
| UltraShort Semiconductors ProShares (SSG) | +3.19% | +391.93 |
| UltraShort Technology ProShares (REW) | +0.72% | +89.00 |
| UltraShort Utilities ProShares (SDP) | +0.12% | +14.57 |
| Short MSCI Emerging Markets ProShares (EUM) | +2.22% | +272.14 |
| Short MSCI EAFE ProShares (EFZ) | +1.67% | +204.94 |
| UltraShort MSCI EAFE ProShares (EFU) | +3.36% | +412.07 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +4.98% | +611.60 |
| UltraShort MSCI Japan ProShares (EWV) | +4.05% | +497.33 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +4.04% | +496.39 |
| Ultra QQQ ProShares (QLD) | -1.44% | -176.90 |
| Ultra Dow30 ProShares (DDM) | -0.28% | -34.28 |
| Ultra S&P500 ProShares (SSO) | -1.14% | -140.15 |
| Ultra MC400 ProShares (MVV) | -1.61% | -197.97 |
| Ultra SmallCap 600 ProShares (SAA) | -0.55% | -68.07 |
| Ultra Russell 2000 ProShares (UWM) | -1.64% | -201.84 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.82% | -101.28 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.64% | -78.67 |
| Ultra Russell MidCap Value ProShares (UVU) | +0.37% | +44.85 |
| Ultra Russell MidCap Growth ProShares (UKW) | -1.31% | -161.17 |
| Ultra Russell 2000 Value ProShares (UVT) | -1.77% | -217.05 |
| Ultra Russell2000 Growth ProShares (UKK) | -0.80% | -98.31 |
| Ultra Basic Materials ProShares (UYM) | -2.95% | -362.24 |
| Ultra Consumer Goods ProShares (UGE) | +1.92% | +236.08 |
| Ultra Consumer Services ProShares (UCC) | +0.34% | +41.86 |
| Ultra Financials ProShares (UYG) | +1.01% | +124.33 |
| Ultra Health Care ProShares (RXL) | -0.73% | -89.23 |
| Ultra Industrials ProShares (UXI) | -0.91% | -112.08 |
| Ultra Oil & Gas ProShares (DIG) | -4.09% | -502.69 |
| Ultra Real Estate ProShares (URE) | +0.45% | +55.85 |
| Ultra Semiconductors ProShares (USD) | -3.32% | -407.98 |
| Ultra Technology ProShares (ROM) | -0.87% | -106.91 |
| Ultra Utilities ProShares (UPW) | +0.70% | +86.26 |
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).
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, June 10, 2008
Short Selling Squall Ends As Quickly As It Began
Friday's short-selling spree turned out to be a summer shower and was over quickly on Monday. Since the rule change last year, shorts have had their way with the market on a fairly regular basis. This has been a favorite pasttime of the hedge funds, who tend to concentrate on hammering illiquid stocks continuously lower, causing buyers to pull their bids and let the stocks plunge, knowing well that they will be able to pick them up at relative bargain prices in future sessions.
The market made what is at least a momentum bottom, a capitulation of the foolishly bullish traders who had been in denial about the current recession. Some of the leading sectors, which made new highs on Thursday, were weakest as substantial profit-taking in those sectors has just begun. But, for sectors which had led on the downside, Monday turned out to be a day of healing, and something this week should see more of:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.58% | +70.51 |
| DIAMONDS TRUST SER 1 (DIA) | +0.69% | +83.93 |
| Ultra Dow30 ProShares (DDM) | +1.17% | +143.10 |
| UltraShort Dow30 ProShares (DXD) | -1.33% | -162.80 |
| S&P 500 (index) | +0.13% | +16.23 |
| S& P DEP RECEIPTS (SPY) | +0.32% | +39.42 |
| Ultra S&P500 ProShares (SSO) | +0.46% | +55.99 |
| UltraShort S&P500 ProShares (SDS) | -0.54% | -65.39 |
| NYSE Composite (index) | -0.04% | -4.56 |
| ISHARES NYSE CMP IDX (NYC) | -0.08% | -10.13 |
| S&P SmallCap 600 (index) | -0.54% | -66.34 |
| Ultra SmallCap 600 ProShares (SAA) | -1.41% | -172.18 |
| Short SmallCap 600 ProShares (SBB) | +1.09% | +133.53 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.22% | +148.79 |
| Russell 2000 (index) | -0.79% | -96.70 |
| ISHARE RUS 2000 INDX (IWM) | -0.32% | -39.64 |
| Ultra Russell 2000 ProShares (UWM) | -0.82% | -100.63 |
| UltraShort Russell 2000 ProShares (TWM) | +1.07% | +130.60 |
| NASDAQ-100 (index) | -0.28% | -34.52 |
| NASDAQ 100 TR SER I (QQQQ) | -0.53% | -64.75 |
| Ultra QQQ ProShares (QLD) | -0.30% | -36.77 |
| UltraShort QQQ ProShares (QID) | +0.36% | +43.97 |
| S&P MidCap 400 (index) | -0.10% | -12.72 |
| ISHARE SP MC 400 INX (IJH) | -0.05% | -5.60 |
| Ultra MC400 ProShares (MVV) | +0.51% | +61.82 |
| UltraShort MC400 ProShares (MZZ) | -0.34% | -41.53 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -1.14% | -139.50 |
| Amex Gold (index) | -0.30% | -36.70 |
| MKT VECT GOLD MNRS (GDX) | -0.17% | -20.89 |
| STREETTRACKS GOLD TR (GLD) | -1.20% | -146.69 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +2.02% | +246.27 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -2.12% | -259.42 |
| Semiconductor Sector (index) | -0.84% | -102.08 |
| Ultra Semiconductors ProShares (USD) | -1.71% | -208.84 |
| UltraShort Semiconductors ProShares (SSG) | +1.53% | +187.19 |
| ISHARE DJ FIN SC INX (IYF) | -1.89% | -230.96 |
| ISHARES LEHMAN 20 YR (TLT) | 0.00% | 0.00 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.72% | -87.45 |
| ISHARES LEH AGG FD (AGG) | -0.51% | -61.67 |
| ISHARES GS $ INVEST (LQD) | -0.09% | -10.66 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.51% | -61.83 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.29% | +35.62 |
| Short Dow30 ProShares (DOG) | -0.68% | -82.68 |
| Short S&P500 ProShares (SH) | -0.20% | -24.50 |
| Short MC400 ProShares (MYY) | +0.52% | +63.60 |
| Short SmallCap 600 ProShares (SBB) | +1.09% | +133.53 |
| Short Russell 2000 ProShares (RWM) | +0.45% | +55.29 |
| UltraShort QQQ ProShares (QID) | +0.36% | +43.97 |
| UltraShort Dow30 ProShares (DXD) | -1.33% | -162.80 |
| UltraShort S&P500 ProShares (SDS) | -0.54% | -65.39 |
| UltraShort MC400 ProShares (MZZ) | -0.34% | -41.53 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.22% | +148.79 |
| UltraShort Russell 2000 ProShares (TWM) | +1.07% | +130.60 |
| UltraShort Russell 1000 Value ProShares (SJF) | +0.05% | +5.71 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +1.20% | +146.99 |
| UltraShort Russell MidCap Value ProShares (SJL) | -0.94% | -115.27 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +0.24% | +29.26 |
| UltraShort Russell 2000 Value ProShares (SJH) | +0.99% | +120.95 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +1.58% | +193.26 |
| UltraShort Basic Materials ProShares (SMN) | -3.06% | -373.32 |
| UltraShort Consumer Goods ProShares (SZK) | -0.56% | -68.67 |
| UltraShort Consumer Services ProShares (SCC) | +0.38% | +46.18 |
| UltraShort Financials ProShares (SKF) | +3.17% | +387.31 |
| UltraShort Health Care ProShares (RXD) | +1.54% | +187.91 |
| UltraShort Industrials ProShares (SIJ) | -0.48% | -58.80 |
| UltraShort Oil & Gas ProShares (DUG) | -4.44% | -542.66 |
| UltraShort Real Estate ProShares (SRS) | +3.56% | +434.09 |
| UltraShort Semiconductors ProShares (SSG) | +1.53% | +187.19 |
| UltraShort Technology ProShares (REW) | +0.48% | +58.56 |
| UltraShort Utilities ProShares (SDP) | -2.66% | -324.34 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.62% | +76.10 |
| Short MSCI EAFE ProShares (EFZ) | +1.28% | +155.99 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.34% | +41.57 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.66% | +80.54 |
| UltraShort MSCI Japan ProShares (EWV) | -0.03% | -3.46 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -0.34% | -41.66 |
| Ultra QQQ ProShares (QLD) | -0.30% | -36.77 |
| Ultra Dow30 ProShares (DDM) | +1.17% | +143.10 |
| Ultra S&P500 ProShares (SSO) | +0.46% | +55.99 |
| Ultra MC400 ProShares (MVV) | +0.51% | +61.82 |
| Ultra SmallCap 600 ProShares (SAA) | -1.41% | -172.18 |
| Ultra Russell 2000 ProShares (UWM) | -0.82% | -100.63 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.66% | -80.03 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.39% | +47.88 |
| Ultra Russell MidCap Value ProShares (UVU) | -4.77% | -582.65 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.24% | -28.89 |
| Ultra Russell 2000 Value ProShares (UVT) | -2.27% | -277.50 |
| Ultra Russell2000 Growth ProShares (UKK) | -1.73% | -211.32 |
| Ultra Basic Materials ProShares (UYM) | +3.21% | +392.45 |
| Ultra Consumer Goods ProShares (UGE) | -0.32% | -39.32 |
| Ultra Consumer Services ProShares (UCC) | -0.17% | -20.77 |
| Ultra Financials ProShares (UYG) | -3.24% | -395.65 |
| Ultra Health Care ProShares (RXL) | -1.73% | -211.42 |
| Ultra Industrials ProShares (UXI) | +0.70% | +85.49 |
| Ultra Oil & Gas ProShares (DIG) | +4.46% | +544.18 |
| Ultra Real Estate ProShares (URE) | -4.54% | -554.83 |
| Ultra Semiconductors ProShares (USD) | -1.71% | -208.84 |
| Ultra Technology ProShares (ROM) | -0.46% | -55.60 |
| Ultra Utilities ProShares (UPW) | +1.33% | +162.76 |
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 . . . .
Sunday, June 08, 2008
Will the Unemployed Please Stand Up and Be Counted?
Friday's unemployment report from the government Bureau of Labor Statistics (or, perhaps it should be called "Bureau of Liar Statistics") was bad enough: 5.5% was the so-called "headline number", but 9.7% is the unemployment rate the government admits to in the appendix. But if you consider discouraged workers, the real rate is well into double digits already, approaching 14%. You say you read from journalistic sources that the rate was only 5.5%, up from 5.0% last month? Well, Virginia, that's just a lie told to the gullible public. The journalists cannot report that the government is lying because the government would cancel their press credentials, so they have effectively been censored and cannot report the truth. Since the Clinton Administration, the government has gotten ever bolder in lying to the public. Read the report and you'll quickly find the real rate in the Appendix. Hint: it's called U-6. The worst level reached in the Great Depression was 25% and we're more than halfway there now.
The stock market dropped sharply on Friday. While the same people who told you the lie about the unemployment rate blamed the plunge on that same piece of "news," the real reason was that Israel announced they would be bombing Iran to prevent completion of their nuclear bomb factory. The prospect of an Arab Oil Embargo in response to the prospective Israeli attack sent oil prices soaring and stock prices plunging. The fact that we're now seven months into an ongoing recession was not new news and had nothing to do with the selloff in stocks. In a recession, people lose their jobs. Any investor who thinks otherwise had better take their money and put it under a mattress.
While it's undoubtedly true that some of the "war premium" built into oil prices is justified, that market is so far out of normal supply-demand balance that a move toward normal could easily cause oil prices to plunge 40% in a very short period of time. That correction is far overdue and the higher prices go, the further they must eventually fall. And, don't think the other commodities are going to get off scot free. Index commodity funds, which are long oil, are also long grains, metals, etc. When they start selling oil, they will also be sellers of other commodities. Whether the selling is triggered by government controls (the government is belatedly getting around to considering what action to take in curbing rampant speculation by banks in commodities) or by "long liquidation" (speculators selling to take profits and finding no one willing to buy), the crash in commodities is inevitable.
The banks seem to be getting their fingers into every pie available; currently, a bank can hold a speculative position in Wheat futures, for example, that is far higher than the entire world Wheat crop for the next decade and no one can stop them from doing so. A non-bank speculator, on the other hand, must adhere to strict limits on how much of the crop they can control. The government, in its infinite capacity to accept bribes, has a blind eye when it comes to regulating banks, but bank speculation in commodities has driven energy and food prices through the roof and, more importantly, the public is beginning to sniff out this subversion of the markets. Lawmakers are demanding that the banks curb their speculation in commodities (now, isn't that a novel concept?) and not take positions which essentially corner the market. Currently, banks are exempt from position limits in the commodity markets, while speculators are strictly limited. Clearly, there have been some large bribes paid (the politically correct term is "campaign contributions," but we prefer to use the proper, more accurate term) for this advantage.
As US President Thomas Jefferson presciently said, "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." At the rate commodity prices are soaring, that time isn't too far into the future.
The banks are making up for their losses in the subprime mortgage market by cornering the commodities markets and stealing thousands of dollars per family per year through exploding energy and food prices. This is exactly what Jefferson meant by "depriving the people of their property" and it's called "inflation." Of course, the government won't tell you it's inflation because that would reveal their hand in the game. But, private sources tell us that the inflation rate has moved into the middle teens already. Remember, virtually every government statistic is a lie, with the only exceptions being those they cannot lie about, such as the amount of dollars the Treasury is receiving from withholding taxes.
As for "long liquidation," virtually everyone knows this fact of market life, but that does not mean the commodities can't be in a bubble. The history of bubbles shows that the majority of participants know there's a bubble, but all expect to get out with profits intact before the bubble is seriously pricked. Many of them actually do get out in time with substantial profits. It's the suckers who are left buying at hugely-inflated prices on the way down who find the exit doors have slammed shut, trapping them in the market with no way to liquidate positions as limit move begets limit move in a dizzying spiral. If you're long oil or any other of the commodities, you'd better be looking for the nearest exit as fast as possible. Remember, Jefferson warned not only about inflation, but deflation as well.
Friday was a big day on Wall Street:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -3.13% | -394.64 |
| DIAMONDS TRUST SER 1 (DIA) | -3.15% | -396.61 |
| Ultra Dow30 ProShares (DDM) | -6.12% | -771.91 |
| UltraShort Dow30 ProShares (DXD) | +6.37% | +803.27 |
| S&P 500 (index) | -3.04% | -383.78 |
| S& P DEP RECEIPTS (SPY) | -3.23% | -407.26 |
| Ultra S&P500 ProShares (SSO) | -6.30% | -793.81 |
| UltraShort S&P500 ProShares (SDS) | +6.41% | +808.12 |
| NYSE Composite (index) | -2.72% | -342.93 |
| ISHARES NYSE CMP IDX (NYC) | -2.61% | -328.79 |
| S&P SmallCap 600 (index) | -2.95% | -372.43 |
| Ultra SmallCap 600 ProShares (SAA) | -5.34% | -673.02 |
| Short SmallCap 600 ProShares (SBB) | +2.46% | +309.98 |
| UltraShort SmallCap 600 ProShares (SDD) | +5.67% | +714.54 |
| Russell 2000 (index) | -2.90% | -364.95 |
| ISHARE RUS 2000 INDX (IWM) | -2.99% | -377.14 |
| Ultra Russell 2000 ProShares (UWM) | -5.99% | -755.23 |
| UltraShort Russell 2000 ProShares (TWM) | +6.23% | +785.84 |
| NASDAQ-100 (index) | -3.11% | -392.53 |
| NASDAQ 100 TR SER I (QQQQ) | -3.01% | -379.01 |
| Ultra QQQ ProShares (QLD) | -6.38% | -803.67 |
| UltraShort QQQ ProShares (QID) | +6.23% | +785.20 |
| S&P MidCap 400 (index) | -2.62% | -330.40 |
| ISHARE SP MC 400 INX (IJH) | -2.59% | -326.33 |
| Ultra MC400 ProShares (MVV) | -5.42% | -683.56 |
| UltraShort MC400 ProShares (MZZ) | +5.67% | +714.16 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +2.58% | +324.99 |
| Amex Gold (index) | +2.14% | +269.37 |
| MKT VECT GOLD MNRS (GDX) | +2.19% | +275.51 |
| STREETTRACKS GOLD TR (GLD) | +3.02% | +380.54 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -5.29% | -667.39 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +5.66% | +713.58 |
| Semiconductor Sector (index) | -2.89% | -363.77 |
| Ultra Semiconductors ProShares (USD) | -5.95% | -749.63 |
| UltraShort Semiconductors ProShares (SSG) | +5.81% | +731.87 |
| ISHARE DJ FIN SC INX (IYF) | -4.60% | -579.43 |
| ISHARES LEHMAN 20 YR (TLT) | +1.29% | +163.18 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.87% | +109.86 |
| ISHARES LEH AGG FD (AGG) | +0.56% | +70.29 |
| ISHARES GS $ INVEST (LQD) | +0.50% | +62.65 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.13% | +16.74 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +3.26% | +410.58 |
| Short Dow30 ProShares (DOG) | +3.08% | +388.77 |
| Short S&P500 ProShares (SH) | +3.33% | +420.15 |
| Short MC400 ProShares (MYY) | +2.02% | +254.54 |
| Short SmallCap 600 ProShares (SBB) | +2.46% | +309.98 |
| Short Russell 2000 ProShares (RWM) | +3.13% | +394.17 |
| UltraShort QQQ ProShares (QID) | +6.23% | +785.20 |
| UltraShort Dow30 ProShares (DXD) | +6.37% | +803.27 |
| UltraShort S&P500 ProShares (SDS) | +6.41% | +808.12 |
| UltraShort MC400 ProShares (MZZ) | +5.67% | +714.16 |
| UltraShort SmallCap 600 ProShares (SDD) | +5.67% | +714.54 |
| UltraShort Russell 2000 ProShares (TWM) | +6.23% | +785.84 |
| UltraShort Russell 1000 Value ProShares (SJF) | +6.09% | +768.03 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +4.60% | +579.96 |
| UltraShort Russell MidCap Value ProShares (SJL) | +5.20% | +655.18 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +5.07% | +638.90 |
| UltraShort Russell 2000 Value ProShares (SJH) | +6.04% | +761.69 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +6.06% | +763.31 |
| UltraShort Basic Materials ProShares (SMN) | +3.54% | +445.97 |
| UltraShort Consumer Goods ProShares (SZK) | +5.30% | +668.18 |
| UltraShort Consumer Services ProShares (SCC) | +7.00% | +882.65 |
| UltraShort Financials ProShares (SKF) | +9.60% | +1210.51 |
| UltraShort Health Care ProShares (RXD) | +4.06% | +512.05 |
| UltraShort Industrials ProShares (SIJ) | +6.78% | +854.19 |
| UltraShort Oil & Gas ProShares (DUG) | +2.90% | +366.01 |
| UltraShort Real Estate ProShares (SRS) | +8.49% | +1069.85 |
| UltraShort Semiconductors ProShares (SSG) | +5.81% | +731.87 |
| UltraShort Technology ProShares (REW) | +6.15% | +774.71 |
| UltraShort Utilities ProShares (SDP) | +4.97% | +626.53 |
| Short MSCI Emerging Markets ProShares (EUM) | +2.92% | +368.34 |
| Short MSCI EAFE ProShares (EFZ) | -100.00% | -12604.45 |
| UltraShort MSCI EAFE ProShares (EFU) | +5.80% | +731.55 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +6.54% | +824.81 |
| UltraShort MSCI Japan ProShares (EWV) | +6.51% | +821.04 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +10.00% | +1260.81 |
| Ultra QQQ ProShares (QLD) | -6.38% | -803.67 |
| Ultra Dow30 ProShares (DDM) | -6.12% | -771.91 |
| Ultra S&P500 ProShares (SSO) | -6.30% | -793.81 |
| Ultra MC400 ProShares (MVV) | -5.42% | -683.56 |
| Ultra SmallCap 600 ProShares (SAA) | -5.34% | -673.02 |
| Ultra Russell 2000 ProShares (UWM) | -5.99% | -755.23 |
| Ultra Russell 1000 Value ProShares (UVG) | -5.52% | -695.23 |
| Ultra Russell 1000 Growth ProShares (UKF) | -5.68% | -716.10 |
| Ultra Russell MidCap Value ProShares (UVU) | -0.86% | -108.64 |
| Ultra Russell MidCap Growth ProShares (UKW) | -4.82% | -607.51 |
| Ultra Russell 2000 Value ProShares (UVT) | -5.19% | -654.53 |
| Ultra Russell2000 Growth ProShares (UKK) | -5.63% | -709.14 |
| Ultra Basic Materials ProShares (UYM) | -3.71% | -467.89 |
| Ultra Consumer Goods ProShares (UGE) | -4.83% | -608.49 |
| Ultra Consumer Services ProShares (UCC) | -6.78% | -854.62 |
| Ultra Financials ProShares (UYG) | -9.42% | -1187.31 |
| Ultra Health Care ProShares (RXL) | -4.08% | -513.67 |
| Ultra Industrials ProShares (UXI) | -6.75% | -850.47 |
| Ultra Oil & Gas ProShares (DIG) | -2.85% | -358.92 |
| Ultra Real Estate ProShares (URE) | -8.01% | -1010.10 |
| Ultra Semiconductors ProShares (USD) | -5.95% | -749.63 |
| Ultra Technology ProShares (ROM) | -5.71% | -719.26 |
| Ultra Utilities ProShares (UPW) | -3.38% | -425.56 |
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 . . . .
Thursday, June 05, 2008
Waiting For New Jobs
The Employment Report comes out Friday morning. This is the fantasy jobs report where the Labor Department takes a wild stab at guessing how many new jobs were created in the US economy last month. They even warn that their number is likely to be several hundred thousand jobs off the mark, but the monthly game is watched by the gullible public and reported by the even more gullible journalists. Not since the debates on how many angels can dance on the head of a pin has so much mental energy been expended in so useless a project. The government always goes back years later and revises the numbers. Often they find that they missed the number of new jobs created in a year by a million! So, the monthly number is just another game-playing exercise. But, it does inject a bit of volatility into the market, something traders love to see.
There was volatility on Thursday, but it was to the upside. The blue chips finally came out of their funk and realized the broad market was almost making a new record high. This was the signal they needed to get up off the mat and leap ahead:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +1.73% | +213.97 |
| DIAMONDS TRUST SER 1 (DIA) | +1.77% | +218.87 |
| Ultra Dow30 ProShares (DDM) | +3.48% | +431.71 |
| UltraShort Dow30 ProShares (DXD) | -3.61% | -447.20 |
| S&P 500 (index) | +1.92% | +238.06 |
| S& P DEP RECEIPTS (SPY) | +1.98% | +245.87 |
| Ultra S&P500 ProShares (SSO) | +4.07% | +503.86 |
| UltraShort S&P500 ProShares (SDS) | -3.98% | -493.67 |
| NYSE Composite (index) | +2.12% | +263.24 |
| ISHARES NYSE CMP IDX (NYC) | +2.09% | +258.41 |
| S&P SmallCap 600 (index) | +2.30% | +284.89 |
| Ultra SmallCap 600 ProShares (SAA) | +4.52% | +559.67 |
| Short SmallCap 600 ProShares (SBB) | -2.15% | -266.41 |
| UltraShort SmallCap 600 ProShares (SDD) | -4.87% | -603.42 |
| Russell 2000 (index) | +2.63% | +325.88 |
| ISHARE RUS 2000 INDX (IWM) | +2.56% | +316.85 |
| Ultra Russell 2000 ProShares (UWM) | +5.31% | +658.28 |
| UltraShort Russell 2000 ProShares (TWM) | -5.62% | -696.74 |
| NASDAQ-100 (index) | +1.62% | +200.80 |
| NASDAQ 100 TR SER I (QQQQ) | +1.59% | +196.71 |
| Ultra QQQ ProShares (QLD) | +3.47% | +429.56 |
| UltraShort QQQ ProShares (QID) | -3.38% | -418.69 |
| S&P MidCap 400 (index) | +2.30% | +285.22 |
| ISHARE SP MC 400 INX (IJH) | +2.29% | +284.30 |
| Ultra MC400 ProShares (MVV) | +4.48% | +554.82 |
| UltraShort MC400 ProShares (MZZ) | -4.60% | -569.79 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.73% | +214.20 |
| Amex Gold (index) | +2.50% | +309.60 |
| MKT VECT GOLD MNRS (GDX) | +2.39% | +296.73 |
| STREETTRACKS GOLD TR (GLD) | -0.23% | -28.60 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.24% | +29.13 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.19% | -24.14 |
| Semiconductor Sector (index) | +1.05% | +130.45 |
| Ultra Semiconductors ProShares (USD) | +3.48% | +431.28 |
| UltraShort Semiconductors ProShares (SSG) | -3.30% | -408.60 |
| ISHARE DJ FIN SC INX (IYF) | +1.99% | +246.55 |
| ISHARES LEHMAN 20 YR (TLT) | -0.60% | -74.23 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.52% | -65.02 |
| ISHARES LEH AGG FD (AGG) | -0.37% | -45.49 |
| ISHARES GS $ INVEST (LQD) | -0.53% | -66.06 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.13% | -16.43 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -1.83% | -226.74 |
| Short Dow30 ProShares (DOG) | -1.79% | -221.26 |
| Short S&P500 ProShares (SH) | -2.03% | -251.68 |
| Short MC400 ProShares (MYY) | -2.12% | -262.12 |
| Short SmallCap 600 ProShares (SBB) | -2.15% | -266.41 |
| Short Russell 2000 ProShares (RWM) | -2.87% | -355.91 |
| UltraShort QQQ ProShares (QID) | -3.38% | -418.69 |
| UltraShort Dow30 ProShares (DXD) | -3.61% | -447.20 |
| UltraShort S&P500 ProShares (SDS) | -3.98% | -493.67 |
| UltraShort MC400 ProShares (MZZ) | -4.60% | -569.79 |
| UltraShort SmallCap 600 ProShares (SDD) | -4.87% | -603.42 |
| UltraShort Russell 2000 ProShares (TWM) | -5.62% | -696.74 |
| UltraShort Russell 1000 Value ProShares (SJF) | -4.09% | -507.30 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -4.34% | -537.72 |
| UltraShort Russell MidCap Value ProShares (SJL) | -3.61% | -446.75 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -4.41% | -546.67 |
| UltraShort Russell 2000 Value ProShares (SJH) | -5.30% | -656.86 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -5.33% | -660.65 |
| UltraShort Basic Materials ProShares (SMN) | -7.48% | -926.51 |
| UltraShort Consumer Goods ProShares (SZK) | -1.47% | -181.64 |
| UltraShort Consumer Services ProShares (SCC) | -3.27% | -405.67 |
| UltraShort Financials ProShares (SKF) | -4.29% | -531.63 |
| UltraShort Health Care ProShares (RXD) | -1.92% | -237.37 |
| UltraShort Industrials ProShares (SIJ) | -2.66% | -330.03 |
| UltraShort Oil & Gas ProShares (DUG) | -9.23% | -1143.11 |
| UltraShort Real Estate ProShares (SRS) | -5.12% | -633.97 |
| UltraShort Semiconductors ProShares (SSG) | -3.30% | -408.60 |
| UltraShort Technology ProShares (REW) | -4.26% | -527.83 |
| UltraShort Utilities ProShares (SDP) | -3.38% | -418.50 |
| Short MSCI Emerging Markets ProShares (EUM) | -2.72% | -336.78 |
| Short MSCI EAFE ProShares (EFZ) | -100.00% | -12390.48 |
| UltraShort MSCI EAFE ProShares (EFU) | -3.34% | -413.87 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -6.31% | -781.43 |
| UltraShort MSCI Japan ProShares (EWV) | -1.29% | -160.44 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -5.97% | -739.93 |
| Ultra QQQ ProShares (QLD) | +3.47% | +429.56 |
| Ultra Dow30 ProShares (DDM) | +3.48% | +431.71 |
| Ultra S&P500 ProShares (SSO) | +4.07% | +503.86 |
| Ultra MC400 ProShares (MVV) | +4.48% | +554.82 |
| Ultra SmallCap 600 ProShares (SAA) | +4.52% | +559.67 |
| Ultra Russell 2000 ProShares (UWM) | +5.31% | +658.28 |
| Ultra Russell 1000 Value ProShares (UVG) | +3.98% | +493.72 |
| Ultra Russell 1000 Growth ProShares (UKF) | +3.98% | +493.71 |
| Ultra Russell MidCap Value ProShares (UVU) | -100.00% | -12390.48 |
| Ultra Russell MidCap Growth ProShares (UKW) | +4.08% | +505.38 |
| Ultra Russell 2000 Value ProShares (UVT) | +5.12% | +634.26 |
| Ultra Russell2000 Growth ProShares (UKK) | +6.09% | +754.75 |
| Ultra Basic Materials ProShares (UYM) | +7.66% | +949.20 |
| Ultra Consumer Goods ProShares (UGE) | +1.19% | +147.96 |
| Ultra Consumer Services ProShares (UCC) | +3.70% | +458.53 |
| Ultra Financials ProShares (UYG) | +4.09% | +506.18 |
| Ultra Health Care ProShares (RXL) | +1.48% | +183.00 |
| Ultra Industrials ProShares (UXI) | +2.10% | +259.86 |
| Ultra Oil & Gas ProShares (DIG) | +9.43% | +1168.53 |
| Ultra Real Estate ProShares (URE) | +4.65% | +576.54 |
| Ultra Semiconductors ProShares (USD) | +3.48% | +431.28 |
| Ultra Technology ProShares (ROM) | +3.60% | +446.26 |
| Ultra Utilities ProShares (UPW) | +2.04% | +252.96 |
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 . . . .
Wednesday, June 04, 2008
Credit Crisis Continues to Hammer Bank Stocks
Bank stocks continued to be hammered by the effects of the credit crisis Wednesday. Lehman may have to be bought out by a stronger bank to emerge from the crisis, according to banking insiders. Despite that assessment, the stock actually rallied on Wednesday. Of more immediate concern were the "zombies" (walking dead) of the bond world, the insurers. We've assumed they are truly zombies as their business model makes no sense and thus one can assume they will eventually have to be liquidated. Still, there are some traders who continue to buy their shares, perhaps thinking that the remnants are worth more than current share prices discount.
The Bank Index fell to a new five-year low on Wednesday and some are calling for a further 50% decline ahead. Since its all-time high in February 2007, the index has fallen over 40% as bad loans have acted as a magnet to pull good money after bad in the sinkhole known as real estate. If the index continues lower, it would pull not only the stock market down with it, but the economy as well. That's because, at some level, virtually all loans in the US are backed by real estate.
The market ended mixed, with the blue chips underwater, but the broad market higher on the day:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.10% | -12.37 |
| DIAMONDS TRUST SER 1 (DIA) | -0.04% | -5.00 |
| Ultra Dow30 ProShares (DDM) | -0.16% | -20.38 |
| UltraShort Dow30 ProShares (DXD) | +0.02% | +2.26 |
| S&P 500 (index) | -0.03% | -4.05 |
| S& P DEP RECEIPTS (SPY) | -0.04% | -5.39 |
| Ultra S&P500 ProShares (SSO) | -0.22% | -27.67 |
| UltraShort S&P500 ProShares (SDS) | +0.19% | +23.37 |
| NYSE Composite (index) | -0.53% | -65.94 |
| ISHARES NYSE CMP IDX (NYC) | -0.61% | -75.53 |
| S&P SmallCap 600 (index) | +0.58% | +71.79 |
| Ultra SmallCap 600 ProShares (SAA) | +0.88% | +109.10 |
| Short SmallCap 600 ProShares (SBB) | -0.64% | -78.96 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.79% | -97.43 |
| Russell 2000 (index) | +0.54% | +67.47 |
| ISHARE RUS 2000 INDX (IWM) | +0.62% | +77.27 |
| Ultra Russell 2000 ProShares (UWM) | +1.32% | +164.07 |
| UltraShort Russell 2000 ProShares (TWM) | -0.95% | -117.51 |
| NASDAQ-100 (index) | +1.15% | +143.23 |
| NASDAQ 100 TR SER I (QQQQ) | +1.28% | +159.04 |
| Ultra QQQ ProShares (QLD) | +2.17% | +268.70 |
| UltraShort QQQ ProShares (QID) | -2.07% | -256.52 |
| S&P MidCap 400 (index) | +0.26% | +32.47 |
| ISHARE SP MC 400 INX (IJH) | +0.40% | +49.75 |
| Ultra MC400 ProShares (MVV) | +0.39% | +48.28 |
| UltraShort MC400 ProShares (MZZ) | -0.34% | -42.38 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.06% | -7.39 |
| Amex Gold (index) | -1.70% | -210.32 |
| MKT VECT GOLD MNRS (GDX) | -1.61% | -199.39 |
| STREETTRACKS GOLD TR (GLD) | -0.26% | -32.83 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.51% | +62.81 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.44% | -54.13 |
| Semiconductor Sector (index) | +1.32% | +163.63 |
| Ultra Semiconductors ProShares (USD) | +2.59% | +320.93 |
| UltraShort Semiconductors ProShares (SSG) | -2.60% | -322.99 |
| ISHARE DJ FIN SC INX (IYF) | -0.58% | -72.07 |
| ISHARES LEHMAN 20 YR (TLT) | -0.89% | -110.46 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.36% | -45.11 |
| ISHARES LEH AGG FD (AGG) | -0.36% | -44.14 |
| ISHARES GS $ INVEST (LQD) | -0.31% | -38.35 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.04% | -4.48 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | -1.01% | -124.82 |
| Short Dow30 ProShares (DOG) | +0.19% | +23.78 |
| Short S&P500 ProShares (SH) | +0.05% | +5.82 |
| Short MC400 ProShares (MYY) | -0.14% | -17.18 |
| Short SmallCap 600 ProShares (SBB) | -0.64% | -78.96 |
| Short Russell 2000 ProShares (RWM) | -0.42% | -52.62 |
| UltraShort QQQ ProShares (QID) | -2.07% | -256.52 |
| UltraShort Dow30 ProShares (DXD) | +0.02% | +2.26 |
| UltraShort S&P500 ProShares (SDS) | +0.19% | +23.37 |
| UltraShort MC400 ProShares (MZZ) | -0.34% | -42.38 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.79% | -97.43 |
| UltraShort Russell 2000 ProShares (TWM) | -0.95% | -117.51 |
| UltraShort Russell 1000 Value ProShares (SJF) | +1.22% | +150.91 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.28% | +34.58 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.40% | +49.54 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +1.07% | +132.74 |
| UltraShort Russell 2000 Value ProShares (SJH) | -0.56% | -69.28 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -1.46% | -181.51 |
| UltraShort Basic Materials ProShares (SMN) | +1.93% | +239.61 |
| UltraShort Consumer Goods ProShares (SZK) | -0.78% | -96.34 |
| UltraShort Consumer Services ProShares (SCC) | -1.06% | -131.02 |
| UltraShort Financials ProShares (SKF) | +1.07% | +132.58 |
| UltraShort Health Care ProShares (RXD) | -0.25% | -31.60 |
| UltraShort Industrials ProShares (SIJ) | +0.56% | +69.11 |
| UltraShort Oil & Gas ProShares (DUG) | +2.05% | +254.40 |
| UltraShort Real Estate ProShares (SRS) | -0.91% | -113.16 |
| UltraShort Semiconductors ProShares (SSG) | -2.60% | -322.99 |
| UltraShort Technology ProShares (REW) | -1.19% | -148.21 |
| UltraShort Utilities ProShares (SDP) | -2.07% | -256.12 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.49% | +185.04 |
| Short MSCI EAFE ProShares (EFZ) | +0.44% | +54.81 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.99% | +122.77 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +2.43% | +301.15 |
| UltraShort MSCI Japan ProShares (EWV) | -2.06% | -254.93 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +2.62% | +324.75 |
| Ultra QQQ ProShares (QLD) | +2.17% | +268.70 |
| Ultra Dow30 ProShares (DDM) | -0.16% | -20.38 |
| Ultra S&P500 ProShares (SSO) | -0.22% | -27.67 |
| Ultra MC400 ProShares (MVV) | +0.39% | +48.28 |
| Ultra SmallCap 600 ProShares (SAA) | +0.88% | +109.10 |
| Ultra Russell 2000 ProShares (UWM) | +1.32% | +164.07 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.06% | -7.48 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.20% | +24.85 |
| Ultra Russell MidCap Value ProShares (UVU) | -100.00% | -12402.85 |
| Ultra Russell MidCap Growth ProShares (UKW) | -0.42% | -52.11 |
| Ultra Russell 2000 Value ProShares (UVT) | +0.52% | +64.95 |
| Ultra Russell2000 Growth ProShares (UKK) | +0.44% | +54.51 |
| Ultra Basic Materials ProShares (UYM) | -2.76% | -342.92 |
| Ultra Consumer Goods ProShares (UGE) | +1.27% | +157.79 |
| Ultra Consumer Services ProShares (UCC) | +1.71% | +212.68 |
| Ultra Financials ProShares (UYG) | -0.95% | -117.83 |
| Ultra Health Care ProShares (RXL) | +0.33% | +41.08 |
| Ultra Industrials ProShares (UXI) | +0.26% | +32.82 |
| Ultra Oil & Gas ProShares (DIG) | -2.52% | -312.48 |
| Ultra Real Estate ProShares (URE) | +1.13% | +139.79 |
| Ultra Semiconductors ProShares (USD) | +2.59% | +320.93 |
| Ultra Technology ProShares (ROM) | +1.56% | +193.40 |
| Ultra Utilities ProShares (UPW) | +2.16% | +268.40 |
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).
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, June 03, 2008
New Moon's Looney Market
Since the March low in stock prices (at least, index prices), the market has been making significant turns at new and full moons. The latest new moon occured Tuesday afternoon and the market fell sharply into this one. Fears of another Bear Stearns-style collapse in Lehman fueled the selloff, but did market players stop to think that with the Fed willing to take on bad debt in return for government credit, such a collapse may not even be a possibility? We apparently have just witnessed yet another example of looney behavior at a phase change in the lunar cycle. And, an opportunity as well.
Sentiment readings from our dollar-weighted options ratios hit the overly-bearish level on Tuesday afternoon, just as the normal Tuesday Turnaround seemed to appear out of the blue right on schedule. For, despite the overall decline, stocks mounted a rally into the close. Perhaps some traders were not so sure they wanted to go with the "looney" theme overnight.
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.81% | -100.97 |
| DIAMONDS TRUST SER 1 (DIA) | -0.82% | -101.99 |
| Ultra Dow30 ProShares (DDM) | -1.54% | -192.21 |
| UltraShort Dow30 ProShares (DXD) | +1.80% | +225.11 |
| S&P 500 (index) | -0.61% | -75.71 |
| S& P DEP RECEIPTS (SPY) | -0.52% | -64.83 |
| Ultra S&P500 ProShares (SSO) | -1.01% | -125.99 |
| UltraShort S&P500 ProShares (SDS) | +1.07% | +134.24 |
| NYSE Composite (index) | -0.59% | -73.29 |
| ISHARES NYSE CMP IDX (NYC) | -0.62% | -77.13 |
| S&P SmallCap 600 (index) | -0.24% | -29.39 |
| Ultra SmallCap 600 ProShares (SAA) | -0.56% | -70.00 |
| Short SmallCap 600 ProShares (SBB) | +0.18% | +23.04 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.21% | +26.00 |
| Russell 2000 (index) | -0.22% | -27.00 |
| ISHARE RUS 2000 INDX (IWM) | -0.20% | -25.35 |
| Ultra Russell 2000 ProShares (UWM) | -0.69% | -86.69 |
| UltraShort Russell 2000 ProShares (TWM) | +0.33% | +41.42 |
| NASDAQ-100 (index) | -0.46% | -57.13 |
| NASDAQ 100 TR SER I (QQQQ) | -0.55% | -68.34 |
| Ultra QQQ ProShares (QLD) | -1.30% | -162.68 |
| UltraShort QQQ ProShares (QID) | +1.15% | +143.87 |
| S&P MidCap 400 (index) | +0.03% | +3.43 |
| ISHARE SP MC 400 INX (IJH) | -0.14% | -17.17 |
| Ultra MC400 ProShares (MVV) | +0.08% | +9.43 |
| UltraShort MC400 ProShares (MZZ) | -0.30% | -37.59 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -1.32% | -165.39 |
| Amex Gold (index) | -2.02% | -252.20 |
| MKT VECT GOLD MNRS (GDX) | -2.03% | -253.58 |
| STREETTRACKS GOLD TR (GLD) | -1.23% | -153.53 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +2.63% | +329.28 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -2.74% | -342.09 |
| Semiconductor Sector (index) | -0.37% | -46.13 |
| Ultra Semiconductors ProShares (USD) | -2.24% | -280.44 |
| UltraShort Semiconductors ProShares (SSG) | +2.13% | +266.04 |
| ISHARE DJ FIN SC INX (IYF) | -0.57% | -70.71 |
| ISHARES LEHMAN 20 YR (TLT) | +0.72% | +90.00 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.53% | +65.72 |
| ISHARES LEH AGG FD (AGG) | +0.19% | +23.53 |
| ISHARES GS $ INVEST (LQD) | +0.39% | +48.52 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.14% | +18.11 |
| ProShares ETFs | ||
| Short QQQ ProShares (PSQ) | +0.44% | +55.15 |
| Short Dow30 ProShares (DOG) | +0.69% | +86.48 |
| Short S&P500 ProShares (SH) | +0.53% | +66.81 |
| Short MC400 ProShares (MYY) | -0.16% | -19.46 |
| Short SmallCap 600 ProShares (SBB) | +0.18% | +23.04 |
| Short Russell 2000 ProShares (RWM) | +0.22% | +27.44 |
| UltraShort QQQ ProShares (QID) | +1.15% | +143.87 |
| UltraShort Dow30 ProShares (DXD) | +1.80% | +225.11 |
| UltraShort S&P500 ProShares (SDS) | +1.07% | +134.24 |
| UltraShort MC400 ProShares (MZZ) | -0.30% | -37.59 |
| UltraShort SmallCap 600 ProShares (SDD) | +0.21% | +26.00 |
| UltraShort Russell 2000 ProShares (TWM) | +0.33% | +41.42 |
| UltraShort Russell 1000 Value ProShares (SJF) | +0.57% | +71.20 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.76% | +95.61 |
| UltraShort Russell MidCap Value ProShares (SJL) | +1.03% | +129.31 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -0.24% | -30.34 |
| UltraShort Russell 2000 Value ProShares (SJH) | +0.35% | +43.81 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +0.84% | +105.18 |
| UltraShort Basic Materials ProShares (SMN) | -0.18% | -21.92 |
| UltraShort Consumer Goods ProShares (SZK) | +0.84% | +105.06 |
| UltraShort Consumer Services ProShares (SCC) | -0.51% | -64.24 |
| UltraShort Financials ProShares (SKF) | +1.28% | +159.57 |
| UltraShort Health Care ProShares (RXD) | -1.18% | -147.96 |
| UltraShort Industrials ProShares (SIJ) | +0.72% | +90.56 |
| UltraShort Oil & Gas ProShares (DUG) | +3.95% | +493.86 |
| UltraShort Real Estate ProShares (SRS) | -0.98% | -122.97 |
| UltraShort Semiconductors ProShares (SSG) | +2.13% | +266.04 |
| UltraShort Technology ProShares (REW) | +0.43% | +53.75 |
| UltraShort Utilities ProShares (SDP) | +1.34% | +167.17 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.67% | +83.26 |
| Short MSCI EAFE ProShares (EFZ) | -0.09% | -11.71 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.64% | +80.31 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +3.03% | +378.44 |
| UltraShort MSCI Japan ProShares (EWV) | +0.01% | +1.82 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +6.69% | +836.07 |
| Ultra QQQ ProShares (QLD) | -1.30% | -162.68 |
| Ultra Dow30 ProShares (DDM) | -1.54% | -192.21 |
| Ultra S&P500 ProShares (SSO) | -1.01% | -125.99 |
| Ultra MC400 ProShares (MVV) | +0.08% | +9.43 |
| Ultra SmallCap 600 ProShares (SAA) | -0.56% | -70.00 |
| Ultra Russell 2000 ProShares (UWM) | -0.69% | -86.69 |
| Ultra Russell 1000 Value ProShares (UVG) | -2.30% | -287.47 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.18% | -23.09 |
| Ultra Russell MidCap Value ProShares (UVU) | +1.21% | +151.56 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.27% | +33.17 |
| Ultra Russell 2000 Value ProShares (UVT) | +1.01% | +126.53 |
| Ultra Russell2000 Growth ProShares (UKK) | -0.44% | -54.72 |
| Ultra Basic Materials ProShares (UYM) | +2.38% | +298.00 |
| Ultra Consumer Goods ProShares (UGE) | -1.33% | -166.64 |
| Ultra Consumer Services ProShares (UCC) | +0.48% | +60.43 |
| Ultra Financials ProShares (UYG) | -1.32% | -164.98 |
| Ultra Health Care ProShares (RXL) | +0.49% | +61.34 |
| Ultra Industrials ProShares (UXI) | -100.00% | -12503.82 |
| Ultra Oil & Gas ProShares (DIG) | -3.48% | -435.59 |
| Ultra Real Estate ProShares (URE) | +0.45% | +56.63 |
| Ultra Semiconductors ProShares (USD) | -2.24% | -280.44 |
| Ultra Technology ProShares (ROM) | -0.62% | -77.87 |
| Ultra Utilities ProShares (UPW) | -1.36% | -170.43 |
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 . . . .
European Weakness Pulls US Stock Market Down
Weakness from Europe helped pull the US stock market lower on Monday. Of course, downgrades of major US banks didn't help matters once the snowball was already rolling downhill. Last Friday's forecast turning point was confirmed as a high and call options withered on the vine. Which is just fine for those who shorted them.
Our forecast for a trading range market has been absolutely perfect so far. This trading range promises to continue for quite some time to come. But, within every trading range there are bound to be a few "roller-coaster" days of thrills and chills, like Monday:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -1.06% | -134.50 |
| DIAMONDS TRUST SER 1 (DIA) | -0.95% | -120.13 |
| Ultra Dow30 ProShares (DDM) | -1.88% | -237.45 |
| UltraShort Dow30 ProShares (DXD) | +1.62% | +205.00 |
| S&P 500 (index) | -1.01% | -127.40 |
| S& P DEP RECEIPTS (SPY) | -1.00% | -126.15 |
| Ultra S&P500 ProShares (SSO) | -1.99% | -251.33 |
| UltraShort S&P500 ProShares (SDS) | +2.03% | +256.79 |
| NYSE Composite (index) | -0.90% | -113.56 |
| ISHARES NYSE CMP IDX (NYC) | -0.96% | -120.92 |
| S&P SmallCap 600 (index) | -0.99% | -125.32 |
| Ultra SmallCap 600 ProShares (SAA) | -1.57% | -198.05 |
| Short SmallCap 600 ProShares (SBB) | +1.10% | +139.46 |