MARKET COMMENT
May 21, 2007
The NASDAQ and Small-Caps had their turn today while the
DJIA took a break.
This is encouraging for
bulls IF it holds.
While we’re on energy let’s look at DBE which provides
commodity exposure to crude oil, heating oil, gasoline and small weighting in natural
gas.
So all this takes us to gold and the dollar.
Last week we noted a puny 1/4% rise in Bucky while gold fell 2%.
This week Bucky continues to rise while gold
held its ground.
Just evening things up?
Then there’s our friends overseas.
Let’s look around at a few single-country ETFs.
Aside from worries about what China may or may not do to
slow their white hot economy, most markets just seem to be alternating
leadership from week to week or month to month.
It’s still a bull market until it isn’t.
The charts above are “weekly” charts and the most recent
period just reflects today’s action at the start of a week.
Action should slow dramatically by Friday with
the coming holiday weekend.
Have a pleasant evening.
Disclaimer:
Among
other issues, the ETF Digest maintains long or short positions in: IWM, QQQQ,
MDY, SPY, FDN, IGV, RCD, KBE, RYE, DBE, GLD, DBC, EFA, EEM, IEV, ILF, EWA, EWG,
EWC, EWY, FXI, EWH and INP.