For the ninth consecutive day, the market has exhibited a lack of direction. However, ETFs that have been leading the market responded appropriately by maintaining relative strength, and the strongest ETFs showed signs of institutional accumulation.
For the time being, fund managers can keep hoping that the combination of the Fed’s generosity and the ECB’s outright fear of financial panic in the EZ will allow traders to muddle through as they often do.
When Europe brought out the euro in 2002, it changed everything. All of a sudden, you could lend money to Ireland or Greece without having to worry about the Irish pound or the Greek drachma.
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