Markets Plod Along On Light Volume

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Again heavy weight constituents like IBM continue to hold stocks back. It may be investors are waiting on the next controversial Fed meeting results on the 29 th given rumors of more tapering. Meanwhile the Fed was still doing bond buying Wednesday with POMO up to $2.813 billion .

Earnings before the open included poor results from Coach (COH), Freeport-McMoRan Copper & Gold (FCX) and Motorola (MSI) while better results were seen by Northern Trust (NTRS), Norfolk Southern (NSC) and United Technologies (UTX). After the close earnings results from some important companies will dominate including Netflix (NFLX), eBay (EBAY), SanDisk (SNDK) and Sun Bancorp ((SNBC) among others. In the summary at the end we discuss some of the results.

Coming off strong support outlined in yesterday’s commentary Emerging Markets (EEM) rallied along with China (FXI), Brazil (EWZ) and India (EPI) as featured players.

Gold (GLD), Silver (SLV), Gold Miners (GDX) and Silver Miners (SIL) gave back gains for the second day. Crude Oil (USO) and Natural Gas (UNG) were much higher on cold weather issues. Leading sectors beyond some emerging markets were Banks (KBE), Natural Gas Stocks (FCG), Oil Exploration & Drillers (XOP), REITs (IYR), Homebuilders (ITB), Semiconductors (SOXX), Biotech (IBB), Software (IGV), Networking (IGN), Coal (KOL) and Tech (QQQ).

Today we featured an interview with the principals and portfolio managers of Advisor Shares Ranger Equity Bear ETF (HDGE) . This may be of interest for those wishing a suitable hedge for their long equity exposure after this five year market rally.

Our staff also puts together the daily top 20 ETF market movers by percentage change in volume for gainers, decliners and emerging volume. This is a tool that investors can use to shorten their search for suitable ETFs, without being dominated by typical high volume issues or leveraged and/or inverse ETFs.

Volume Wednesday was ridiculously light almost like a half day of routine holiday trading. (Must have been the weather!) Breadth per the WSJ was positive.


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Let’s see what we know from earnings news after the close of trading. Netflix rose nearly 17% after adding 2.33 streaming subscribers; eBay was up 5% as Carl Icahn wants the company to spin-off Paypal; SanDisk rose nearly 1% after beating estimates by 13 cents; and F5 Networks beat earnings estimates by 3 cents and guides above consensus and the stock rose 11% in late trading.

Economic data Thursday includes Jobless Claims, PMI Manufacturing Index Flash, Existing Home Sales, FHFA House Price Index, Leading Indicators and EIA Petroleum Report.

Let’s see what happens.


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