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ETF News Update: Drowning in Debt (GLD, IEF, UUP, EUO)

Friday, January 7, 2011 4:13

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Everywhere I looked today, the world seemed to be drowning in debt.

In Portugal, bond spreads continue to widen as they prepare for a sale on January 12th while next door in Spain, their “D-Day” (debt day) sale comes on January 13th. France steps up on January 10th with more than $10 billion coming to marke with Italy following on January 11.

The Euro fell to the lowest level against the U.S. Dollar in three months in anticipation of next week’s auctions while the U.S. Dollar Index rose +0.68%.

Closer to home, Illinois struggles wtih a nearly $15 Billion hole that needs to be f illed and so is pushing for a tax hike to do the job while in California, recycled Governor Jerry Brown promises to unveil a budget next week that will be “painful.”

Meanwhile, December retail sales originally ballyhooed as being the best in years turned in a lackluster performance and the pesky problem of persistent unemployment resurfaced today with Initial Claims rising unexpectedly to 409,000 from 391,000 prior while Continuing Claims managed to fall.

Tomorrow comes the big report and whisper numbers are huge improvements over recent numbers.

Technically there’s no breadth and no momentum to market action and we remain in very overbought territory on nearly all indicators.

Daily Moves for Major ETFs:

Dow Jones Industrials: (NYSEArca: DIA) -0.22%

Russell 2000: (NYSEArca: IWM) -0.47%

NASDAQ 100: (NasdaqGM: QQQQ) +0.32%

S&P 500 Index: (NYSEArca: SPY) -0.20%

MSCI Emerging Markets:(NYSEArca: EEM) -1.07%%

MSCI China (NYSEArca: FXI) -0.79%%

Gold (NYSEArca: GLD) -0.40%

7-10 Year Treasuries: (NYSEArca: IEF) +0.52%

20+ Year Treasuries: (NYSEArca: TLT) +0.44%

VIX +2.23%

U.S. Dollar (NYSE:Arca: UUP +0.77%

The major indexes remain overvalued and overbought on a technical and fundamental basis and so Wall Street Sector Selector remains in “Yellow Flag” status, expecting choppy to lower prices ahead.

Disclosure: Wall Street Sector Selector actively trades a range of widely traded exchange traded funds and positions can change at any time.

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