Markets were fragmented Wednesday as sectors like financials, the dollar and retail dropped while emerging markets and gold rallied.

Retail Sales fell much more than expected (ex-Autos -0.3% vs prior 0.1%); PPI readings were also much below the Fed’s magic 2% number (-0.5% vs prior 0.0%) and Business Inventories were flat (0.0% vs prior 0.0%). Overseas China PMI declined 5.9% which is negative for GDP there. The largest component of the decline was in imports pointing to a lack of demand.

On the earnings front reports from banks show weakening trading profits. And, worse yet was Walmart’s (WMT) weak report and future guidance warnings. The stock fell nearly 10%.

Intel’s (INTC) beat three times lowered expectations, allowing the stock to rally since the report wasn’t as bad as expected.

Investors are at a crossroads trying to resolve the riddle whether bad news is good or bad. It continues to be bizarre to deal with this nonsense. And, perhaps importantly, stocks are no longer severely overbought.

Market sectors moving higher included: Semiconductors (SMH), Biotech (IBB), Energy (XLE), Materials (XLB), Gold (GLD), Gold Stocks (GDX), Emerging Markets (EEM), Europe (IEV), UK (EWU), Austria (EWO), France (EWQ), South Korea (EWY), Indonesia (IDX), Taiwan (EWT), Russia (RSX), Brazil (EWZ), US Treasurys (TLT), Euro (FXE), Pound (FXB), Swiss Franc (FXF), Canadian Dollar (FXC), China (FXI), Malaysia (EWM), New Zealand (ENZL), Australia (EWA) and many more.

Market sectors moving lower included: Financials (XLF), Banks (KBE), Dow (DIA), Consumer Discretionary (XLY), Consumer Staples (XLP), Retail (XRT), Homebuilders (ITB), Industrials (XLI), REITS (IYR), Small Caps (IWM), Japan (EWJ), Hedged Japan (DXJ), Dollar (UUP) and so forth.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

Volume was moderate Wednesday and breath per the WSJ was negative overall.