ETF Insider: Greek Drama Steals Spotlight
Wed, Nov 2, 6:54 PM ET, by Michael Johnston
Stocks got off to a fairly weak start on Monday as investors took profits off the table given last weeks monster gains. Euro zone debt woes resurfaced on Tuesday, dragging down equity markets all over the globe, after Greek Prime Minister, George Papandreou, put the latest “bailout plan” to a referendum. Greek default fears returned to the market and investors were quick to sell, although domestic equity indexes reclaimed lost ground the following day. Surprisingly, Ben Bernanke did not spook the markets today as investors were cautiously bullish after the Fed made no announcement of additional stimulus, perhaps suggesting that the economy is on its way to a slow, but steady, recovery. Gold has been inching above support at the $1,700 level so far this week, and the precious metal closed right around $1,735 an ounce on Wednesday.
Checking In: Trading Ideas
This week, our technical trading ideas included a short recommendations in a currency fund as well as long positions in a foreign equity ETF and a domestic Treasury fund. Below, we highlight how our trade recommendations from Monday’s Insider have been holding up this week:
Trading Idea #1: Short FXA
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