MARKET COMMENT

May 3, 2007





You think I’m going to speak to the stock market rally right? Well maybe later in this brief commentary. No, today is about the frustrations associated with what seem attractive new ETF issues but the clumsiness associated with providing schmo’s like me with timely and detailed historical index data.

State Street has a half dozen or so interesting “looking” emerging market ETFs. Yet for the past six weeks I’ve been only in contact with their PR company that has been consistently sending me the wrong index history files. Then just try to get Reuters on the task and you may as well be talking to tech support at Dell.

Then Van Eck comes with the “R” as in BRIC--Russia ETF and I’m getting the wrong data there too. Of the many emails I’ve received from the earnest and good natured fellow at Van Eck this was one of the lines, “Van Eck does not own or maintain the Index and it’s data. We’ve been trying very hard to get the Deutsche Boerse to provide the historical data to Reuters etc.” Well, if they’re having trouble what’s a guy like me to do? Seriously though, the Van Eck folks have been trying hard and I’m grateful.

Just when I’m about to give up this just came in as I’m writing--Van Eck has made contact with Reuters and they’re exchanging information.

This could be big!

The bottom line is that in the rush to get new product out the door basic information folks like me need is in the caboose somewhere. This too shall pass since they’re just can’t be THAT many more ETFs a feller’ can be interested in, can there???

All right, back to basic business.

Tomorrow we get the employment report. And this report will be massaged greatly by “seasonal” factors and the “birth death” model. Whatever number is reported will be revised one way or another later.

The bullish mood is pervasive so any ordinarily bearish number may get tossed aside. That’s been the ongoing story--“accentuate the positive and negate the negative”. [I believe that’s an old WWII era song lyric]





















































Meanwhile, overseas markets are still a little uneven, but at high levels.
































That’s all the time I have today as a medical appointment awaits. We’ll be as interested in the employment number as you.

Have a great weekend!

Disclaimer: Among other issues the ETF Digest maintains long or short positions in: SPY, QQQQ, FDN, PSI, IGN, PBE, PSJ, IWM, DVY, IVE, XLU, GLD, EFA, EEM, ILF, INP, FXI, EWA, EWN and ISL.