Investors Walking Dead

Another day and weaker economic data. The consistency of poor economic reports is enough to turn investors away from markets overall.

The NIFB Small Business Confidence report fell to 94.8 vs 96 expected & prior 96.1; Retailer’s Redbook fell YoY to only 1.9% vs prior 3.9% (Tis the season for a better reading, right?); JOLTS Survey of new job openings fell to 5.383M vs prior 5.534M (here to, retailers should be hiring temp workers if nothing else).

The headline from the WSJ Tuesday was “Weak Commodities Roil Stocks”. Yes commodities continue to drop but that’s been going on since 2011. Are headline writers getting desperate for reasons suddenly? Since 2011 high commodities overall as measured by PowerShares Commodity Tracking Index ETF (DBC) is down 59%. Nothing new here for those following those markets overall.

It’s a sign of ongoing deflation given weak demand from manufacturers globally.

So, now we raise interest rates?!? Just more proof the Fed is late, maybe too late, to their duties.

Stocks fell once again Tuesday led lower by energy, materials and financials.

Market sectors moving higher included: Biotech (IBB) and Volatility (VIX) and not much else.

Market sectors moving lower included: Dow (DIA), S&P 500 (SPY), Small Caps (IWM),Financials (XLF), Regional Banks (KRE), Banks (KBE), Energy (XLE), Industrials (XLI), Materials (XLB), Homebuilders (ITB), Metals & Mining (XME), Europe (VGK), Hedged Europe (HEDJ), European Monetary Union (EZU), EAFE (EFA), Spain (EWP), Italy (EWI), UK (EWU), Japan (EWJ), Hedged Japan (DXJ), Asia ex-Japan (AAXJ), Russia (RSX), India (EPI), Australia (EWA), Taiwan (EWT), South Korea (EWY), Mexico (EWW), Canada (EWC), Junk Bonds (HYG), Crude Oil (USO), Gold Miners (GDX) and many more.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

Volume rose on the day while breadth per the WSJ was negative. Markets are getting short-term oversold (see NYMO below).