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David Fry
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David Fry writes a subscription newsletter focused on technical analysis of exchange-traded funds, called ETF Digest (www.etfdigest.com). Dave founded the ETF Digest in 2001 and was among the very first to see the need for a publication that provided individual investors with information and... More
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  • COMMODITIES DOWN ON STRONGER DOLLAR 0 comments
    Mar 2, 2012 7:36 PM | about stocks: SPY, WM, QQQ, XLF, XLI, XLB, XBI, XLV, IYT, ITB, XLU, IEF, TLT, HYG, PGF, UUP, FXE, GLD, GDX, SLV, JJC, DJP, USO, UGA, XLE, JJG, EFA, EEM, EWJ, EWC, EWG, EWP, EWT, EPHE, EWZ, RSX, EPI, GXC

    Planted rumors, by Iran evidently, of an explosion to a critical Saudi oil pipeline were evidently false. But some still believe it occurred. And, just before the close Friday another rumor appeared suggesting an oil complex explosion in Yemen via Bloomberg.

    German Retail Sales fell 1.6% instead of an expected gain while Spain raised its projected budget deficit to 5.8% of GDP versus previous 4.4%. These events combined to rally the dollar rally and cause a drop in commodities (priced in dollars). Gold (NYSEARCA:GLD), silver (NYSEARCA:SLV), oil (NYSEARCA:USO) and base metals (NYSEARCA:JJC). U.S. 10-year Treasury Bonds (NYSEARCA:IEF) was stronger with the yield once again below 2%.

    It is a little surprising the dollar rallied (.80%) on this news since both Goldman Sachs (NYSE:GS) and Bank of America (NYSE:BAC) downgraded their expectations for U.S. GDP to 1.8% from 2.2%. Meanwhile, respected ECRI (Economic Cycles Research Institute) is also on record seeing a recession ahead.

    <READ MORE>

    Stocks: SPY, WM, QQQ, XLF, XLI, XLB, XBI, XLV, IYT, ITB, XLU, IEF, TLT, HYG, PGF, UUP, FXE, GLD, GDX, SLV, JJC, DJP, USO, UGA, XLE, JJG, EFA, EEM, EWJ, EWC, EWG, EWP, EWT, EPHE, EWZ, RSX, EPI, GXC
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