March 14, 2013 at 09:27 AM EDT
Be Careful of Emerging Markets!
Thursday, March 14, 9:25 a.m. Emerging markets are still being widely touted as the place to be invested. You can make a plausible-sounding case for emerging markets from the fundamentals. But the charts and technical analysis, both short-term and intermediate-term, are saying otherwise. We issued a sell signal on emerging markets to our subscribers on [...]

Thursday, March 14, 9:25 a.m.

Emerging markets are still being widely touted as the place to be invested.

You can make a plausible-sounding case for emerging markets from the fundamentals.

But the charts and technical analysis, both short-term and intermediate-term, are saying otherwise. We issued a sell signal on emerging markets to our subscribers on February 10.

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To read my weekend newspaper column click here: What Investors Need To Realize After The Terrific Jobs Report!

Subscribers to Street Smart Report: There is an in-depth U.S. Market update from yesterday in your secure area of the Street Smart Report website.

Yesterday in the U.S. Market.

Another quiet day, except for the Transportation Avg, which surged up another 1.6%. The Dow traded in a narrow range of only 61 points from its intraday low to its intraday high, and closed up just 5 points. Volume was again light at 0.6 billion shares traded on the NYSE, 1.5 billion on the Nasdaq.

The Dow closed up 5 points, or 0.04%. The S&P 500 closed up 0.1%. The NYSE Composite closed down 0.1%. The Nasdaq closed up 0.1%. The Nasdaq 100 closed down 0.1%. The Russell 2000 closed up 0.4%. The DJ Transportation Avg. closed up 1.6%. The DJ Utilities Avg closed up 0.5%.

Gold closed down $4 an ounce at $1,587.

Oil closed down $.14 a barrel at $92.40.

The U.S. dollar etf UUP closed up 0.4%.

The U.S. Treasury bond etf TLT closed down 0.1%.

Yesterday in European Markets.

European markets closed down yesterday. The overall Europe Dow closed down 0.6%. Among individual countries, the London FTSE closed down 0.4%. The German DAX closed up 0.1%. France’s CAC closed down 0.1%. Ireland closed down 0.2%. Italy closed down 1.7%. Spain closed down 0.4%. Russia closed down 0.6%.

Asian Markets closed down Tuesday night and mixed last night.

The Asia Dow closed down 0.7% Tuesday night and down 0.4% last night.

Among individual markets last night:

Australia closed down 1.2%. China closed up 0.3%. Hong Kong closed up 0.3%. India closed up 1.1%. Indonesia closed down 1.2%. Japan closed up 1.2%. Malaysia closed down 0.3%. S. Korea closed up 0.1%. Singapore closed down 0.3%. Taiwan closed down 0.6%. Thailand closed up 0.5%.

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Markets This Morning:

European markets are up quite strongly this morning. The Europe Dow is up 0.8%. Among individual countries the London FTSE is up 0.4%. The German DAX is up 1.0%. France’s CAC is up 0.8%. Norway is up 0.2%. Portugal is up 1.4%. Spain is up 1.6%. Switzerland is up 0.7%. Italy is up 1.7%. Russia is up 0.6%.

Oil is down $0.10 a barrel at $92.42.

Gold is down $7 an ounce at $1,581.

This Morning in the U.S. Market:

This week is a very light week for potential market-moving economic reports, but they include the Small Business Optimism Index, Retail Sales, Industrial Production, the Fed’s NY State Mfg Index, etc. To see the full list click here, and look at the left side of the page it takes you to.

There were no reports Monday.

Tuesday’s only report was the NFIB Small Business Optimism Index, which rose 1.9 to 90.8 in February, which is still low by historic comparisons.

Yesterday’s reports were that U.S. business inventories jumped 1.0% in January, worse than the 0.6% that was the consensus estimate. But that may have been taken care of in February since it was also reported that Retail Sales were up 1.1% in February, better than the consensus forecast for a rise of 0.7%.  And the government ran a budget deficit of ‘only’ $203.5 billion in February, 12% lower than February last year.

This morning’s reports are that new weekly unemployment claims fell by 10,000 last week to 332,000, the 2nd lowest level in five years, and much better than the consensus forecast of 350,000. The four-week moving average fell by 2,750 to 346,750. And the Producer Price Index jumped by 0.7% in February, primarily due to a big 7.2% jump in gasoline prices. The core rate, with the cost of food and energy removed, was up 0.2%.

Our pre-open indicators were not changed by the reports.

Our Pre-Open Indicators:

Our pre-open indicators are pointing to the Dow being up 30 points or so in the early going this morning.

To read my weekend newspaper column click here: What Investors Need To Realize After The Terrific Jobs Report!

Subscribers to Street Smart Report: There is a new U.S. Market update from yesterday in your secure area of the Street Smart Report website.

I’ll be back with the next regular blog post on Saturday morning, as usual later than on the week-days, probably around 11:00 a.m.

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