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Dave's Daily Market Comment

Dave's Daily Market Comment 12 19 06

  David Fry ( ETF Digest ) Submits:


MARKET COMMENT

December 19, 2006




If when you awake and read the crummy news from Thailand [currency restrictions], Producer Prices coming in “hot” at 2% and ORCL trading down 5% in Europe, you’d think today might be worse than rough. But no! The amateur hour decisions out of Thailand were quickly reversed once military government officials got the midnight phone calls, huddled up and did one of those instant replay reversal deals. [“Hey, whatsamattah you! The market’s down 15%!!!]

Producer Price data was quickly isolated and set aside as the odd headline in MarketWatch read: “US Stocks end mixed; rising oil stocks offset PPI worries.” Come again?






In the meantime, ORCL’s weakness endured throughout the day but SWH [Software Holders] managed to gain fractionally supported by MSFT.




























You knew it might be a top when folks start stealing the wiring from utility poles for the copper content.















Other market movers today were in housing and financials.










Overseas Asian markets were pretty rattled by the Thai situation. It got me thinking this morning about an “Asian Contagion Part II”. But, as noted authorities changed their minds, but it served as a reminder that perhaps some markets can’t be trusted.








There are two major lessons today. First, be patient and stay disciplined. Emotional trading will just get you confused and impair your judgment. Second, Emerging Markets can be both very rewarding but also equally risky. If you can’t stay with any market, stay out.

Good buddy Greg Newton [he of Naked Shorts fame] sent me this wonderful video today. Enjoy!


Disclaimer: Among other issues, the ETF Digest maintains positions in: SPY, XLE, USO, DBC, GLD, SLV, CEF, FXE, IEF, EWM and EEM.

Published Tuesday, December 19, 2006 10:27 PM by fryguy
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Or, add this feed directly to your favorite reader by clicking the button below. That way, you’ll never miss a post.

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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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