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The Wagner Daily ETF Report For July 11
By Deron Wagner | Published  07/11/2012 | Stocks | Unrated
The Wagner Daily ETF Report For July 11

In a sharp reversal from early morning strength, stocks got smacked on brisk trade yesterday. All of the major indices closed down on the session. Higher beta issues led the decline with the small-cap Rusell 2000, S&P MidCap 400 and the Nasdaq sliding 1.2%, 1.1% and 1.0% respectively. The S&P 500 dropped 0.8%, while the Dow Jones Industrial Average fell 0.65%.

In a sharp reversal from early morning strength, stocks got smacked on brisk trade yesterday. All of the major indices closed down on the session. Higher beta issues led the decline with the small-cap Rusell 2000, S&P MidCap 400 and the Nasdaq sliding 1.2%, 1.1% and 1.0% respectively. The S&P 500 dropped 0.8%, while the Dow Jones Industrial Average fell 0.65%.

Yesterday, the Vanguard MSCI Emerging Markets ETF (VWO) formed a bearish reversal candle, as it gapped up at the open, but sold off throughout the day, to close near session lows. Further, the selling pressure was accompanied by higher volume and VWO ended the session below support of its 20-day and 50-day moving averages. Trade details are available to our subscribers in the watchlist segment of the newsletter. For those of you trading in qualified accounts, buying EUM above yesterday's high, would serve as a reasonable proxy for shorting VWO.

 

Deron Wagner is the Founder and Head Trader of both Morpheus Capital LP, a U.S. hedge fund, and MorpheusTrading.com, a trader education firm.