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Damir Tokic's  Instablog

Damir Tokic
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Dr. Damir Tokic is a professor of finance at ESC Rennes.
My company:
Macrotheme
  • Profit taking, deeper correction or complete reversal? 0 comments
    Oct 15, 2010 2:40 PM | about stocks: GLD, FXE, SPY
    Last Friday I had all green on my screen, and I mentioned that either interest rates will have to rise for the stock market rally to continue, or the stock market will drop. This Friday, I have all red on my screen. 10YTNote futures are down, the stock market is down, the Euro is down, the Yen is down, crude is down and gold is down. Right now I treat this as profit taking. We could see a deeper correction in the stock market, but I don't see the reversal in the gold prices. The "Liquidity lifting all boats" theme is still alive. On the other hand, all bets are off for the Euro - it's the doomed currency, but the World just won't accept that yet.  

    Disclosure: no positions
    Stocks: GLD, FXE, SPY
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