Wednesday, March 24, 2010
Euro Dominos First Greece, Now Portugal...
European markets are mostly lower after Fitch Ratings said Portugal's recovery will be slower than other countries that use the euro, hurting Portugal's ability to repay its debt. Debt problems in Europe have been one of the few drags on stocks in recent months.
Mounting debt in Greece, Portugal and other euro-zone nations have investors worried the countries will struggle to rebound economically and upend a global recovery.
The dollar strengthened sharply against the euro and other major currencies. The dollar is at its highest level against the euro since May.[81.83 Dollar, 1.3353 as I type] Gold $1,091 & Silver $16.70. >>Read Story
Market Vectors Gold Miners ETF (GDX) was suggested Monday @ $44.30 with an original stop of $43.50, then raised to $44.30. The stock is currently trading @ that level with an intraday low of $44.08. Itz Pix exits GDX flat on the trade, but may again renter if warranted, note also on the radar is GDXJ. As for the markets in general, the S&P500 continues to hold above support 1150 and oil over $80. Itz targets near term are 1,200 & $90 respectively.