This afternoon 52 week highs
On yet another day selling on fears of the euro zone the afternoon has produced a couple of 52 week highs
Stocks
Before the Market
S&P fair value is at +4.50. NASDAQ fair value is +7.00. The Dow posted it’s 11th out of 12 trading loss while the S&P 500 posted its 10th out 12 trading loss yesterday setting up the U.S. markets for
Analyst Upgrades for May 17
Market took a pounding for the 10th day but a couple of brights spots can be found with today’s analyst upgrades.
Quick Market Update
U.S. markets started out flat but eventually gave into selling pressure to lock in the 10 loss in 12 days and a new multi month low.
Playing the Euro Zone Slide with iShares MSCI Europe Financials Sector Index Fund – EUFN
Technical screens found another ETF that has confirmed a weekly triangle suggesting continuation of the current bearish trend. The pattern is confirmed with the Relative Strength Indicator (RSI) pushing below the trendline at the same time the moving average of the RSI is moving lower.
Taking advantage of gold’s bounce through the iShares Gold Trust -IAU
Looking at the gold charts today we find a solid bounce off support at $14.90 on the iShares Gold Trust (IAU, [stock IAU]). iShares Gold Trust has been in descending channel since early February dropping over 14% since before bouncing off solid support
Ahead of the Thursday’s Opening Bell
U.S. futures take it on the chin after the U.S. weekly jobs report
Breaking News – Jobless Claims
U.S. J0bless Claims
Breaking News – Wal-Mart Earnings
Wal-Mart reports earning ahead of the bell.
Market Wrap Up
This stock market has problems. Problems indeed! With what appeared to be an oversold bounce this morning was shattered on more negative news from the ECB cutting funding to certain Greece’s banks not to mention the FOMC statement about highlighting several members saw the need for additional stimulus causing the bulls packing once again.
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