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Dave's Daily Market Comment

Dave's Daily Market Comment 01 17 07

   David Fry ( ETF Digest ) Submits:Seeking Alpha Certified


MARKET COMMENT

January 17, 2007




Like I said over the weekend and yesterday, “patience thru this week is paramount”. The theme for 2007 has been to sell energy and buy tech. That’s been working out until today as a combination of bad news hit the markets with Producer Prices rising, Intel’s poor earnings and then a positive Beige Book report that killed for “today” chances of an interest rate cut. Crude oil rallied, bonds fell and tech reversed course.

Inside the numbers, the advance/decline data wasn’t as bad as we might have thought.





However, as we’ve been repeatedly noting the drag in tech has been semi’s. The pummeling Intel and Advanced Micro Devices have taken has exacerbated the problem.









Still in tech AAPL reports tonight and the earnings just came thru well ahead of expectations so…












I combed thru the earnings release for Lennar Homes as stated on MarketWatch here and read it a few times but couldn’t see much good news for the stock to be up 4%, can you?










In commodity markets, grains led by corn [think ethanol] and less so by wheat [massive drought in Australia] are driving prices higher. DBC has some of each as components while DBA [Deutsche Bank PowerShares Agricultural ETF] also features both as constituents.




In the meantime, with few exceptions, overseas markets remain more upbeat.





















Tomorrow there will be more data and options expiration begins Thursday and ends Friday. Expect more not less volatility so patience is required more than ever.

Have a pleasant evening.


Disclaimer: Among other issues, the ETF Digest maintains positions in: IGN, GLD, DBA, EFA, EEM, FXI, ILF and INP.

Published Wednesday, January 17, 2007 10:32 PM 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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