Leaving Blue Chips Behind

The Nasdaq quietly made a new 3-year high yesterday, but the Blue Chips were left behind as American Express and Boeing proved to be a drag on the Dow and prevented the index from climbing above the 11,500 level.

Interest rates were up slightly, as were gold and oil. The Euro slumped heavily vs. the Swiss Franc and also lost ground against the dollar as Moody’s downgraded some of the Irish debt.

This week will be a short one as all markets will be closed on Friday. I would expect activity to slow down quite a bit as we closer to Thursday. While I will not initiate any new positions, I will continue to track all exit points. Actually, one of our country fund holdings hit its sell stop right on the money today but failed to break through it.

I’ll look at the opening activity tomorrow and will, barring any sudden upside move, liquidate the position.

About Ulli Niemann

Ulli Niemann is the publisher of "The ETF Bully" and is a Registered Investment Advisor. Learn more
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