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Dave's Daily Market Comment

Dave's Daily 10/12/06


MARKET COMMENT

October 12, 2006



DOH!!!

You may not be old enough to remember the original “DOH” guy (James Finlayson) from many Laurel and Hardy movies and skits, but he was a favorite character back then. His pic is here since it represents typical reaction to another day when market action defied poor economic news. The Fed’s review of economic conditions revealed “…a distinct slowdown in housing with the majority of Fed’s 12 regions reporting lower asking prices for homes, a softening in sales and rising inventories of unsold homes.” Bearish? Not on your life!












Today showed evidence of a further short-squeeze. One “tell” in that department is the out-performance “today” of QQQQ vs. PWO with the latter having a higher beta and more upside potential during rallies.





























The stock market rally is “finally” spreading to other sectors previously ignored.














Overseas markets are behaving well.































Based on emails we receive there’s lot of ticked-off bears who’ve got their “DOH!” faces on. Many believe markets are being grossly manipulated by the Fed and Treasury to ramp prices higher before the election. While the government may be, through various open market operations, adding much liquidity to prop markets, it’s not profitable to fight the tape.


Disclaimer: The ETF Digest maintains positions in: IYR, SPY, PWO, GDX, TLT, PZJ, PZI, PHO, EEM, IEV, ILF, FXI, EWW, EWP, EWM and IFN.

Published Friday, October 13, 2006 12:15 AM by fryguy
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Dave's Daily Market Comment
The ETF Digest, published by Dave Fry, was one of the first online newsletters devoted exclusively to providing market commentary on Exchange Traded Funds (ETFs). His 30 years of experience in trading and portfolio management is available to you through his pioneering online investment newsletter. Dave’s Digest covers a broader range of ETFs and markets than any other newsletter.

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