and blow it all!
Posted on 04/27/2010 1:59:09 PM PDT by blam
The Bull Gets Slaughtered, Here's What You Need To Know
Vince Veneziani
Apr. 27, 2010, 4:02 PM
DJIA: Down 213 points to 10,991.
NASDAQ: Down 51 points to 2471.
S&P 500: Down 28 points to 1183.
Commodities:
Oil: Down 2.5% or $2.09 to $82.11 a barrel. Gold: Up 1.5% or $17.00 to $1171 an ounce. Silver: Down 0.8% or $0.15 to $18.22 an ounce.
And the big shocker:
Goldman sachs was up!
Now here's what you need to know as you leave work today:
Today, Goldman Sachs spent hours testifying for a Senate subcommittee about its CDO deals.
Standard & Poors downgraded the credit ratings of Greece, which triggered a sell off in US equity markets. Carl Levin was more than kind enough to remind us that ABACUS was a "shitty deal." Oh, and Portugal and Spain also got downgraded by Standard & Poors, causing a massive flight from the Euro. Gold priced in Euros soars to nosebleed highs, courtesy of European's sovereign debt crisis.
[snip]
I believe copper (a leading economic indicator) was down 2% last night too.
(Excerpt) Read more at businessinsider.com ...
Major divergence between the DOW and gold today.
They have mainly been following each other the past year, but today the DOW is down 200, and gold has popped up 15.
Interesting.
.
Greek debt downgraded to junk.
DOW drops less than 2%.
The dollar strengthened relative to the Euro. Hence, Dow drops in value, which is expected. The surprise is how much gold gained given that the dollar strengthened. The market is coming to grips with the global debt problem a bit at a time.
SocGen's Albert Edwards Sees A Market Selloff And An Economic Rollover In 6-9 Months
Probably because everybody but 2% idiots already KNEW Greek bonds were junk.
Et dona ferentes...
Greece should sell the rest of their surplus 30-06 ammo to Sportsmans Guide:)
I don't know. It looks like they may need it.
Spot gold went over 1162, which was an important resistance level. And the precious metal stocks oscillated but also closed higher. Normally a large drop in the general market would pull the gold stocks down, too, but they resisted.
As I mentioned on another thread a couple of days ago, we MAY be on the verge of a breakout in gold. Nothing certain about it, but the indicators are all at key levels.
And the Pound. Going to Europe in just under 2 months. Keep going up George!
euro was 1.32 to the dollar today.
if this keeps up we will have parity by september.
Looks like Obamas Economic Chickens have come home to Rooooost !!!
If you have a pistol that annoys you, get the Pak 9mm from them.
Dollar index ($DXY on BigCharts, Stockcharts) was up -- dollar/Dow in inverse relationship going back a couple of years.
Fed ease = declining dollar, rising Dow: the created money is finding its way into equities. For now.
Disturbance in market = call for cash, rising dollar. For now.
I was in France once back in the 90’s when the Euro was about $1.10. Nice.
Crashed my other browser and your Tinypic URL is trying to take this one down, too.
?
? If your browser can’t pass a little tiny pic gif file, you’ve got some major problems with your ‘puter that need to be addressed.
Sorry you’re having problems.
Why would copper drop?
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