Early Sell-Off Leads To Some Buying

Stocks managed to rally in mixed fashion on Turnaround Tuesday. But the mixed performance was led by small gains in the Energy & Financials tango which has dominated trading late in December and early January. 

One of the biggest contributors of what passes for good economic growth has been auto sales. But, this month December sales and inventory data disappointed. Ward’s Domestic Auto Sales data dropped to 13.46M vs 14.51M expected & prior 14.14M. (Data and charts courtesy Zero Hedge) 

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Market sectors moving higher included: REITs (IYR), Retail (XRT), Utilities (XLU), Consumer Durables (XLP), Japan (EWJ), South Korea (EWY), Brazil (EWZ), Russia (RSX), India (EPI), Shanghai (ASHR), Dollar (UUP), Silver (SLV) and a scattered handful of others.

Market sectors moving lower included: Oil & Gas Equipment & Services (XES), Energy (XOP), Energy MLPs (AMLP), Natural Gas Producers (FCG), Europe (EZU), Germany (EWG), Spain (EWP), France (EWQ), Greece (GREK), Norway (NORW), Ireland (EIRL), Poland (EPOL), U.S. Treasury Bonds (TLT), Crude Oil (USO), Australia (EWA), Canada (EWC), Euro (FXE) and many more.

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

Volume was nearly half Monday’s and breadth per the WSJ was mixed. 

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Sloppy or messy best describe Tuesday’s action. Perhaps action on Wednesday will provide a spark for bulls or bears given ADP Employment Report; International Trade; PMI Services Index; Factory Orders; ISM Non-Mfg Index; EIA Petroleum Status Report and Fed Minutes.

Let’s see what happens.

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