Today’s market gapped higher, lost the gap, and then worked its way up to a 45 point Dow Gain and a .21% Nasdaq Composite loss. Precious metals, real estate, and retail remain the weakest category in our ETF Tracking Table. The market was mixed, with about 50% of funds we monitor gaining.

Best performer’s were EWO, SEA, EWD, GLD, JPS, XLU, GUR, EWA, all over 1%. Austria (EWO) was the strongest fund–it gapped up and then rose higher during the day.

Alcoa (AA) reported and missed after the market closed, which may cause a bit of a drop tomorrow. As of 6:50 PM EST, S&P futures were 3.5 points below the close.

We regard this move as a buying opportunity, on the assumption that earnings will be generally good. If we start seeing more negative reports, of course, everything could change.

Although many issues fell, theVIX opened at a new multi-year low and recovered to 17.55, a strong indication that traders expect a positive market ahead.

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 Regards,

Paul Accampo