View From the Hill: Market’s New Highs Wave Good Bye to the Old Highs

Posted on Posted in Views From The Hill

By J Clinton Hill, Capital Markets Strategist @ Hillbent.com

ETF Market Commentary

View from the Hill, stocks, bonds, cash, commodities, real estate, volatilityDue to schedule conflicts, tonights comments will be brief. In fact, there will be none other than the observation that the momentum in stocks continues to attract buyers and Elliot’s new highs are waving good bye to the old highs. Volume continues to weaken but not to the point where inertia has occurred.

For what it’s worth, we started scaling into short positions towards the end of last week and increased our exposure into today’s trading session. The strongest performer is the Russell 2000 (IWM) and that is where we have chosen our battle. When faced against overwhelming odds, attack the strongest or the leader. If you cannot beat him, then you have no hopes of winning or destroying the morale of his followers.

While I do not intend to come out of this battle unscathed, I am fairly confident we’ll win this one as the market is overdue in coming to its senses. Signing off @ Hillbent…

(Please refer to ETF summary table below for performance analysis .)

 


ETF Performance Summary

 

RS 1Yr Exchange Traded Fund Last Chg % Chg
  Equities
100 DJ-30 Industrials (DIA) 189.34 0.88 0.47%
100 SP-500 (SPY) 220.15 1.65 0.76%
95 Nasdaq-100 (QQQ) 118.54 1.22 1.04%
99 Russell-2k (IWM) 131.60 0.61 0.47%
55 EAFE (EFA) 56.68 0.48 0.85%
68 Emerging Mkts (EEM) 34.93 0.34 0.98%
36 Europe FTSE (VGK) 45.99 0.39 0.86%
73 Latin America 40 (ILF) 27.97 0.82 3.02%
78 Brazil (EWZ) 33.75 1.16 3.56%
5 Japan (EWJ) 49.79 0.40 0.81%
79 Pacific Ex-Japan (EPP) 40.46 0.25 0.62%
74 FTSE China 25 (FXI) 36.24 0.30 0.83%
23 VIX Short-Term Futures (VXX) 27.78 -1.28 -4.40%
   
  Major Equity Sectors
96 Consumer Discretionary (XLY) 81.73 0.53 0.65%
40 Consumer Staples (XLP) 50.84 0.34 0.67%
100 Energy (XLE) 72.82 1.69 2.38%
55 Financials (XLF) 22.24 0.08 0.36%
55 Healthcare (XLV) 69.95 0.25 0.36%
100 Industrials (XLI) 61.63 0.33 0.54%
95 Materials (XLB) 48.89 0.57 1.18%
20 Real Estate (XLRE) 29.63 -0.08 -0.27%
100 Technology / Info (VGT) 121.57 1.18 0.98%
69 Telecom (IYZ) 31.77 0.47 1.50%
46 Utilities (XLU) 46.78 0.49 1.06%
   
  Bonds & Fixed Income
9 20+ Yr Treasury (TLT) 121.15 0.30 0.25%
15 Aggregate Bond Fund (AGG) 108.46 0.09 0.08%
54 Treasury Inflation Protection (TIP) 113.59 0.27 0.24%
34 Investop Corp Bond (LQD) 116.71 0.12 0.10%
82 High Yield Corp Bond (HYG) 85.31 0.68 0.80%
8 Pimco Intermed Muni Bonds (MUNI) 52.77 -0.11 -0.21%
14 High Yield Muni (HYD) 29.73 -0.01 -0.03%
   
  Currencies
93 US Dollar Bullish (UUP) 26.09 -0.10 -0.38%
5 Euro Trust (FXE) 103.30 0.36 0.35%
46 Japanese Yen Trust (FXY) 86.88 -0.20 -0.23%
   
  Commodities
87 DB Commodity Index (DBC) 15.08 0.41 2.79%
50 Gold (GLD) 115.58 0.43 0.37%
53 US Oil (USO) 10.77 0.45 4.36%
   
  Real Estate
39 DJ Real Estate (IYR) 73.69 0.01 0.01%
71 DJ Home Construction (ITB) 27.59 0.14 0.51%
20 Residential Real Estate Index (REZ) 58.09 -0.39 -0.67%

 

Signing off @ Hillbent…

 

(For more a more detailed and extensive coverage of ETFs, please refer to our premium research service, ETF LookOut Points.)

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