The first week of trading in 2010 was quite interesting with all those data watchers (the media talking heads) focused on the job report. A big deal was made on the widely anticipated positive job report last Friday, and it turns out to be a loss of 85,000 jobs. Based on the market’s reaction, it didn’t turn out to be such a big event as the talking heads made it to be. The market just keeps on crawling higher. The SP500 finally hit the measured move of the bull flag formed back in July 2009. The market appears to continue its bullish stance with sector rotation to provide the needed leadership. During the period in November and December 2009, the financial sector was weak. And at the end of the year, the financial started to show sign of reversing, and the first week of 2010, the financial was one of the strong sectors along with the energy sector that provided the catalyst for the first week's gains.
Here is an updated chart for the SP500:
As the economy struggle along, 2010 will be a year for dollar watching. Here is the chart for the dollar index, DXY, the ETF on the dollar/Euro, FXE, and the dollar ETF, UUP. Click on the chart to get a larger view and to read the commentary.
DXY
FXE
UUP
Here is a brief look at gold ETF, GLD.
GLD
