SPY: The bulls own the tape now since little can throw them off stride. Not poor forward-looking economic data or Bernanke's tepid remarks.
MDY & IWM: Both Mid and Small-Caps showed their higher beta by outperforming on the upside.
AXP & XLF: Financials went with bulls and were helped mightily by AXP's results.
IR & XLI: Industrials broke through resistance helped by results from companies like IR.
XLB: Materials had a powerful week although still in the range. Next week DD is up with results.
XLY & F: It's odd that F is in Consumer Discretionary since you don't buy a car every week.
IYR: REITs move higher with stocks and it is hard to understand frankly since you have to disbelieve economic data is forward-looking.
IYT: Transportation sector is going with the flow literally. Next week we'll see Norfolk Southern's earnings.
IEF & TLT: Stock rally takes some luster out of bonds.
LQD: Individual investors are pouring money into corporate bonds. The street says they're always wrong. We'll see.
$USD/DXY, FXE, ULE & FXY: Ah, those bank stress tests in the eurozone were a relief for traders but not a victory for honesty.
GLD: Gold down, Euro up? Back to that are we? It also could be argued that "risk trades" are back in vogue.
DBC: Energy markets finish the week on an up-note along with base metals.
$WTIC/CRUDE OIL & XLE: The Energy Sector ETF has been a volatile market while crude oil remains in a trading range.
DBB: Base metals finish off a great week and now heading to the next level of resistance.
XME: Miners roar higher with stocks and the metals.
DBA: Still in a trading range despite recent moves to the upside for agricultural products.
MOO: Ag stocks move higher with overall market.
EEM: Same story with EM's--at resistance.
EWJ: Trading range.
EWY: Samsung has the Apple chip business so things should go well despite silly war games.
EWA: Aussie stocks doing well but right at resistance.
EWC: Canada moving higher with natural resource prices.
EWZ: Brazil stocks breaking out with base metals and perceived coal demand from China.
RSX: Russian stocks moving higher with natural resources.
EPI: Same comment as yesterday.
FXI: On the one hand the government is tightening and insists it's not going to ease, but investors don't believe them.
The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.
The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.
The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.
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