WALL STREET ENDS GREEN. HAPPY NEW YEAR!
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Equity markets were only slightly higher to end 2013 with outsized gains overall for the year. It was another light volume trading day as many traders headed to local watering holes to begin New Year’s celebrations. But HAL 9000s never sleep adding a late finishing bullish kick to trading Tuesday.
There was plenty of economic data for investors to chew on. The Case-Shiller HPI was up 1% vs 1% exp & prior 1%; The Chicago PMI weakened to 59.1 vs 61.3 & prior 63.(There may be some reason like weather or the phase of the moon, or Chicago Mayor Emanuel’s cut-backs.); Consumer Confidence rose sharply to 78.1 vs 76.8 exp & prior 72.
Commodity markets saw action. Gold (GLD) swung in a $30 dollar range, first lower then slightly higher on a short squeeze. Nevertheless, gold was down roughly 28% on the year. Base Metals (DBB) and Silver (SLV) also saw volatile price action before ending lower on the day. Crude Oil (USO) fell nearly .90% while Grains (JJG) were also weak. The Dollar (UUP) was flat. Bonds (TLT) were much weaker allowing leveraged inverse issues like (TBT) to gain.
Leading market gains Tuesday were Gold Miners (GDX), Homebuilders (ITB), Oil & Gas Drillers (XOP), South Korea (EWY), Emerging Markets (EEM), China (FXI), China Small Caps (HAO), Europe (IEV) and Russia (RSX). Decliners included Solar (TAN), Turkey (TUR) and Natural Gas (UNG).
Today we featured a short video on Gold (GLD) 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.
As indicated volume was holiday-light and breadth per the WSJ was positive.
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Today’s post was short given the holiday. Things will change Thursday undoubtedly.
That last ramp higher in markets was something to behold. It must have been programmed into some HAL 9000s so Da Boyz could go to Harry’s and sip Champagne.
But why end on a sour note?
Happy New Year!
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