Today’s Key Economic Data
Today the economic calendar is jammed packed with key market moving data, that will have traders watching closely.
ETF
Breaking News – Federal Reserve Vice-Chair Yellen
Breaking News Federal Reserve Vice-Chair Yellen, said today the Federal Reserve has room to provide further accommodation and highlighted that there are substantial risks to the U.S. economic outlook.
Analysts Upgrades
Analysts Upgrades For June 6th 2012
Mario Draghi, President of the ECB Statement
Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. While inflation rates are likely to stay above 2% for the remainder of 2012, over the policy-relevant horizon we expect price developments to remain in line with price stability. Consistent with this picture, the underlying pace of monetary expansion remains subdued. Inflation expectations for the euro area economy continue to be firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term
Breaking News – ECB
Breaking News Out of the ECB
Gold Breaches Technical Resistance as Weak NFPs Fuel QE Speculation
Gold was sharply higher at the close of trade this week with the precious metal surging 3.87% to close at $1622.75 in New York. The rally marks the largest single week advance since the week ending January 27th when prices soared by more than 4.4% as it approached the $1740 level
Breaking News – Italy Credit Rating
Breaking News Out of Italy
iShares Silver Trust – SLV hover over support
The iShares Silver Trust (SLV, [stock SLV]) is hovering around strong support at the $25.40 level.
Patriot Problems Pressure Coal ETF
Things are really going to worse from bad for the Market Vectors Coal ETF (KOL [stock KOL]), the dominant exchange-traded product devoted to coal stocks, this year. Shares of Patriot Coal (PCX [stock PCX] are off more than 54% today on chatter the company may have to seek bankruptcy protection and there’s speculation Patriot has met with restructuring advisers, perhaps a sign the company won’t be able to meet its
After Market Close
The market saw up and down swings. Financials lead the way in early trade through the afternoon. Market took a turn when news reports quoted former Greece Prime Minister Lucas Papademos as saying that preparations for the country’s exit from the euro zone are being considered, sending the euro and markets lower.
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