Rainy Days and Mondays

The takeaway story today was the combination of negative news and worries from FRE and FNM plus the extended nature of commodity and currency markets. This led to a sell-off in equities which could find no other supportive news from the dollar and commodities.

We're in the last two weeks of summer for investors in northern climes and many are just not around based on volume data. Breadth, however, was decidedly negative.

I love the lead image and use it often with crummy Mondays like today. [By the way the artist's name is Thomas Lorimer since I usually get asked that when I post it.]

Now we'll see if we get the proverbial "Turnaround Tuesday". Bad news from financials was not shrugged off today by bulls since supportive declines in commodities and the continued dollar rally was missing from the picture.

Volume was summertime light which is seasonally prevalent on Mondays and Fridays.

Let's see what happens.

Have a pleasant evening.

 

Disclaimer:  Among other issues the ETF Digest maintains long or short positions in: QLD, IWM, UWM, XLY, XLV, RXL, XLP, UGE, IEF, UUP, DBC, DEE, GLD, DZZ, EFA, EFU, EEM, EEV and FXI.