The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
By David Gillie
NEW YORK (ETF Digest) --
The biggest event of the week didn't get an honorable mention by the media, $5 Billion of POMO per day on Monday and Tuesday. Nope, that wasn't Mom & Pop 401(k) buying 3 million shares of SPY to push the market to the new highs.
The majority of economic data so far this week relates to the housing sector. Although we see pending home sales up, we are also seeing prices continuing to drop. Real estate is very much localized. Some areas of the country are in the second wave of the collapse and still declining, whereas some of the areas of the initial collapse are on the rise.
Estimated GDP hit the magic number of 3% this morning, but in front of a presidential election, government data tends to be unusually rosy.
Top performers this week
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