In case you missed it, here’s a summary of the ETF topics and market commentaries I posted to my blog during the week ending on 6/16/2013.
The prior week’s roller coaster ride continued as the major market indexes meandered in a range without clear direction. The S&P 500 gave back about 1% as fear of the Fed reducing its monthly bond purchases of $85 billion remains alive and well.
It seems as though we’ve been bouncing off a glass ceiling unable to break through. Until there is clear evidence as to when/if the Fed starts its tapering process, the markets may continue trading sideways until, eventually, a breakout will occur. Too much uncertainty will likely bring the downside into play with a major support level being the S&P’s 50-day moving average, which currently hovers around the 1,600 level.
Over past week, we covered the following: