I am not an investment professional. I do not engage in stock or currency trading. I am a blogger and investor who believes currency deflation has created an investment demand for gold, and that gold bullion is the sole means of wealth preservation.
Stephen Bernard and Tim Paradis, of the Associated Press report that financial shares, IYF, pulled the stock market higher after State Street Corp.’s second-quarter profit forecast topped analysts’ expectations.
Chart shows the performance Russell 2000, IWM, the S&P, SPY, and Dow, DIA together with the European shares, FEZ, and Asian shares, DNH, which blasted higher on the rise of the US financial shares, IYF, which rose from a frightenly bearish position as reported yesterday by Bespoke Investment Group in article Financials Bear Market. Click on chart of IYF to enlarge
Click on chart of KBE to enlarge
II … Gainers for the day:
Regional Banks, KBE, 6%
Spain, EWP, 6%
Italy, EWI, 5%
Metal manufacturing, XME, 5%
Real Estate, IYR, 5%
Semiconductors, SMH, 5%
Basic Material, IYM, 4%
Europe, FEZ, 4%
Oil production service providers, OIH, 4%
Transportation, IYT, 4%
Steel, SLX, 4%
Energy producers, XLE, 3.5%
Revenue Shares Financial, RWW, 3.5%
Investment Banking 3.5%
Industrial XLE 3.5%
Homebuilders, XHB, 4.5%
Financials, IYF, 4%
Russell 2000, IWM, 3.5%
III … Fallers for the day:
IEF -0.25%
TLT -1.0%
IV … Currencies
Currency chart reveals that the Yen, FXY, closed on a ledge of support at 112.85; and the financials took the Swiss Franc, FXF, and the Australian Dollar, FXA, both higher, as currency traders went barely long the Euro, FXE. Usually it is the currency traders who move the markets; but not today: the stock traders seized the stock market and the currency traders took cover.
FXA 1.7%
FXF 0.7%
FXE 0.2%
FXY -0.3%
The Swiss Franc Australian Dollar FXF:FXA carry trade came back from orbit; click on chart to enlarge.
The Swiss Franc Japanese Yen Carry Trade performed well today; click on chart to enlarge.
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US Financial Shares Take Stocks Higher 0 comments
V …. Stock Summary
VI. Gold
Disclosure: I am invested in gold coins
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