Stocks pull back on Europe’s deepening debt woes April 27, 2010
Posted by Marlowe Cassetti in EUO.trackback
U.S. stocks are following European markets lower after Portugal’s debt was downgraded, deepening fears that Europe’s debt problems are spreading.
Standard & Poor’s slashed Portugal’s credit rating Tuesday, sending stocks sharply lower across Europe. S&P also downgraded Greece’s debt.
Investors have been on edge about Greece’s fiscal crisis, and have worried that Portugal could be the next weak European economy to require help. That has undermined confidence in Europe’s shared currency, the euro. (market commentary & photo courtesy of AP)
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Okay, we had a market meltdown today. The RSI portfolio was hit hard, but less than the general market losses. The red numbers outnumbered the greens. The bright spot was EUO the ultra-short Euro currency fund. None of my stops were hit today, some were getting close. We shall see as the week progresses.
You can see that EUO is taking the Greek news favorably. There may be more of a move yet to come.
No new RSI picks today. Catch you later.
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