Wall Street Edges Off Five Year High, Awaits Earnings

A review of World Stocks, VT, reveals  … in the long term view, a market top has been attained  … in the medium term view, the market is at a pivot point to turn lower …and in the short term view, the market is indecline.

Reuters reports Wall Street edges off five-year high, awaits earnings Stocks lost ground as investors drew back from recent gains that lifted the S&P 500, SPY, to a five-year high, in anticipation of sluggish growth in corporate profits.

Zero Hedge reports Speculators rush into risk by most since 2007. And Zero Hedge also reports More central bank gimmicks exposed as European collateral shortage deteriorates.

Cato’s Domain writes Spanish sovereign debt.

Sectors trading lower included Retail, XRT, led lower by Home Furnishing Stores, LOW, PIR,

Global Producers, FXR, trading lower included MKTAY, DIS, BA, ETN, LPL, AA,  IR, WHR, TSM, GT, TEL, VALE, TEL, MAT.

Toyota, TM, led Automobiles, CARZ, lower.

Cable Companies, VIA, DISH, led Consumer Services, IYC, lower

Scientific Instrument Manufacturer, FEIC, led Nanotechnology, PXN, lower.

LED Manufacturer, CREE,  and Taiwanese Semiconductors, TSM, AUO, ASX, led Semiconductors, XSD, and Taiwan, EWT, lower.

Major Countries trading lower included Taiwan, EWT, Russia, RSX, Russia Small Caps, ERUS.

Egypt, EGPT, and Mexico Regional Airline, ASR, led Emerging Markets, EEM, lower.

Small Cap Pure Value Shares, RZV, was the style loss leader of the day, with the Automobile Retailers, LAD, ABG, KMX, SAH, KMX, trading lower.

The 300% Inverse ETFs, EDZ, TECS, YANG, SOXS, FAZ, RUSS seen in this Finviz Screener, rose.

The 200% Inverse ETFs, FXP, EEV, SKF, REW, SMK, SDD, seen in this Finviz Screener, rose

Precious Metal Mining Stocks, seen in this Finviz Screener, traded lower today, January 7, 2013, making for a buying opportunity.  In a bull market one buys into dips, and in a bear market one sells into rallies. The chart of Gold Mining Stocks, GDX, shows that they broke out December 20, 2012, and traded 1.8% lower today on a 0.6% trade lower in Gold, GLD.  Nine Mid Cap Gold Mining Stocks, seen in this Finviz Screener  having strong growth potential include AEM, EGO, GOLD, ANV, RGLD, FNV, NGD, AUY, KGC; as a group these traded 1.6% lower today.

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