Markets Rather Dull Wednesday

Many were waiting for China’s PMI Index to reveal economic slowing, and it did dropping to 47 from 47.3. The decline looks modestly weak even if you accept their calculations to be fairly done, but the real news is this is the lowest reading in over 6 years.

Speaking of PMI, the US FLASH version was reported flat at 53 vs prior 53. Nothing to brag about there. Other data not mentioned Tuesday included was a poor Redbook outlining declines to 0.9% from prior 1.7%.

The most volatility Wednesday was another large drop in crude oil even as crude inventories were lower once again to -2.9M BBLS vs prior -2.9M BBLS. Reading more from the report allowed analysts to conclude a more bearish view than the headline warranted.

Heavy losses continued overseas especially in emerging markets.

Stocks moved around directionless light volume Yom Kippur trading.

Market sectors moving higher included: Banks (KBE), Regional Banks (KRE) and REITS (IYR), Gold (GLD) and little else.

Market sectors moving lower included: Biotech (IBB), Energy (XLE), Industrials (XLI), Euro (FXE), Retail (XRT), Small Caps (IWM), Emerging Markets (EEM), Brazil (EWZ), Russia (RSX), Mexico (EWW), Europe (IEV), EAFE (EFA), Canada (EWC), China (FXI), Shanghai (ASHR), Crude Oil (USO), Korea (EWY), Australia (EWA), Asia ex-Japan (EWA), Spain (EWP), Swiss (EWL), Greece (GREK), Norway (NORW) and many more.

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

Volume was light on the day and breadth per the WSJ was negative as was Money Flow.

We have to remember that we’re approaching the end of quarter soon. There’s plenty of incentive for bulls to jam markets higher to protect performance and fees for the quarter.

The week will wear on for Fed speakers to chatter all they want to manipulate market opinions Bullard’s comments this day were more than just a little curious. Lockhart spoke Monday and will try again Tuesday to create some buzz. Yellen is due up again Friday evening where she hopes to clarify the negative take on her press conference and FOMC decision. Bullard and Ether George speak again Friday.