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The headline is partly from MarketWatch today and is a warning shot that investors are confident and perhaps a little too cocky. Nevertheless, more records were set Monday as trading winds down before the shortened-trading day Tuesday.
Economic data was sparse but featured two significant reports from Personal Income and Outlays, which basically shows that savings are down and spending is up. Personal Income, 0 . 2% vs 0.5% expected, and prior at -0.1%, and Outlays, 0.5% vs 0.5% expected, and prior at 0.3%. Buy Visa? Consumer Sentiment came in at 82.5 vs 83.5 expected, and prior at 82.5, so no change. Please remember this reading is heavily weighted by stock prices.
Leading markets higher Monday included Homebuilders (ITB) and Tech (QQQ), as China Mobile approved a selling agreement with Apple (AAPL) boosting its shares. Other winners were Regional Banks (KRE), Miners (XME), Emerging Markets (EEM), Brazil (EWZ), South Korea (EWY), Australia (EWA), Shipping (SEA), Germany (EWG) and EAFE (EFA). Underperforming issues were led by Turkey (TUR), Peru (EPU), Russia (RSX), Coal (KOL), Gold (GLD), Dollar (UUP) and Bonds (TLT).
Today we featured a short video on a leveraged bull small caps ETF (TNA) from both weekly and daily chart perspectives.
Our staff also puts together the daily top 20 ETF market movers by percentage change in volume for gainers, decliners and emerging volume.
Volume holiday-light and breadth per the WSJ was positive.
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A light day of trading still sees markets higher. The IMF (not that you’d trust their forecasting) upgraded the global outlook which helped many beaten down markets rally Monday.
Tuesday is a half day of trading and there won’t be a posting.
Merry Christmas! Have a safe and peaceful holiday season.
Let’s see what happens.
ETF Digest™
Disclaimer: The charts and comments are only the author’s view of market activity and aren’t recommendations to buy or sell only any security. Market sectors and related ETF’s are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotation’s aren’t predictive of any future market action rather they only demonstrate the author’s opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com