Daily ETF News Update:2010 Quietly Slips Away(DIA, IWM, QQQ,SPY)
As expected, this holiday week has been quiet as 2010 quietly slips away.
Today’s news was largely positive with initial unemployment claims dropping below 400,000, the lowest level since mid-summer, 2008.
Pending home sales in the United States rose 3.5% in November, however remain 5% below year ago levels. Home prices, as we discussed earlier in the week, fell in October and so a double dip in housing remains a real possibility, especially with the recent rise in interest rates.
China reported their December PMI which grew but at a slower rate as the Chinese government battles inflation in that country. A slowing Chinese economy will be one of the major factors and potential pitfalls to the global recovery going into 2011.
Daily Moves for Major ETFs:
Dow Jones Industrials: (NYSEArca: DIA) -0.17%
Russell 2000: (NYSEArca: IWM) -0.19%
NASDAQ 100: (NasdaqGM: QQQQ -0.15%
S&P 500 Index: (NYSEArca: SPY) -0.15%
MSCI Emerging Markets:(NYSEArca: EEM) +0.51%
MSCI China (NYSEArca: FXI) -0.26%
Gold (NYSEArca: GLD) -0.49%
7-10 Year Treasuries: (NYSEArca: IEF) -0.20%
20+ Year Treasuries: (NYSEArca: TLT) -0.08%
With almost every analyst everywhere expecting a bullish 2011, the likelihood of a January surprise grows ever greater. Technically we remain in overbought waters and long overdue for a correction. Watch for Sunday’s update for a full look ahead at 2011.
Wall Street Sector Selector remains in “Yellow Flag” status, expecting choppy to lower prices ahead.
Wishing you a wonderful New Year,
John
John Nyaradi
Publisher
Wall Street Sector Selector
Good New Year’s Reading from SuperSectors.net
Disclosure: Wall Street Sector Selector actively trades a wide range of widely traded exchange traded funds and positions can change at any time
Read more at Wall Street Sector Selector
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