Seeking Alpha

theyenguy's  Instablog

theyenguy
Send Message
I am not an investment professional. I do not engage in stock or currency trading. I am a blogger and investor who believes the failure of credit has created an investment demand for gold, and that gold bullion is the sole means of wealth preservation.
My company:
Economic Review Journal
My blog:
EconomicReview Journal
  • US Financial Shares Take Stocks Higher 0 comments
    Jul 7, 2010 8:15 PM | about stocks: IYF, GDX, FXF, FXA, KBE
    I … Today’s Summary
     
    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.

    V ….  Stock Summary
     
    FEZ, 4.25%
    DNH, 2.75%
    EWA, 3.25%
    ACWI 2.75%
    GDX 2.25% to rise to resistance at 49.99; click on chart to enlarge

    VI. Gold
     
    GLD 1% to rise to 117.75


    Disclosure: I am invested in gold coins
    Stocks: IYF, GDX, FXF, FXA, KBE
Back To theyenguy's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.