ETF News Roundup: (SPY, QQQQ, EEM, FXI,GLD, SLV, TLT)
ETF News Roundup: December 9, 2010
Major indexes (SPY, QQQQ) crept higher again today on the strength of a better than expected employment report and a Treasury auction for $13 Billion that was met with solid demand. Bank of America was a standout, adding 5%, but the big news was in the S&P 500.
Today the S&P closed above significant resistance at the 1290-1230 level and so broke to new highs, the highest level the index has seen since September, 2008. This is a particularly bullish development going into the end of the year and the expected “Santa Rally.”
Emerging markets (EEM, FXI) were mixed, with FXI gaining 0.14% and EEM declining -0.33%.
The unexpected fly in the ointment was the Democratic membership in the U.S. House of Representatives saying they weren’t going to buy off on the tax compromise in its current form.
This could be particularly troubling over the next few days as the markets have largely priced in the stimulative effects of extending the “Bush Tax Cuts” along with the added stimulative elements of the agreement, and now we see Congress in a high stakes game of chicken as the year end deadline rapidly approaches.
Gold (GLD) and Silver (SLV) both gained today but remain at significant resistance on a technical basis.
Tomorrow we see December consumer confidence and more of the theatrics in Congress.
On a technical basis, most major indexes have broken to new highs which would point to higher prices ahead, however, the market is wildly overbought at the moment and due for at least a short term consolidation or correction.
Good Holiday Reading at Super Sectors
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