Stocks fade late as euro sinks; Dow ends under 10K May 26, 2010
Posted by Marlowe Cassetti in GDX.trackback
A drop in the euro set off a late-day slide in stocks Wednesday and sent the Dow Jones industrial average to its first close below 10,000 in nearly four months.
The Dow, up 135 points in morning trading, ended down about 69. It was the eighth drop for the Dow in 10 days. Wednesday’s trading extended a streak of volatility since stocks went to their highest level of the year in late April.
The late reversal underscored how jittery traders are about Europe. They are worried that heavy debt loads in European countries and more rounds of cost-cutting will hamper a recovery there, which could spread quickly to other regions. (market commentary and photo courtesy of AP via Yahoo Finance)
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I went ahead and added to my position in Market Vectors Gold Miners ETF (GDX). I bought it in the morning at what I thought was a good price. However the late day market fade took its toll and it ended up a losing position. Yet, the RSI portfolio eked out a small gain today.
I’m having some technical difficulties running RSI this evening. If there any new picks I’ll post them tomorrow, as early as possible.
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