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Market recap: Stocks faded after Moody's downgraded Ireland to junk, wiping out gains that had...

Market recap: Stocks faded after Moody's downgraded Ireland to junk, wiping out gains that had set in on news that a few Fed officials had suggested more stimulus if economic growth falters. Tech stocks sank as downbeat outlooks from two leading chip firms pointed to weak semiconductor demand. Oil and gold posted solid gains, Treasurys held steady. NYSE losers led gainers three to two.
Comments (4)
    , contributor
    Comments (10483) | Send Message
    And how long before they do the same to (let's see....who will be next) Portugal or Spain or......Italy.
    12 Jul 2011, 06:06 PM Reply Like
  • Peter Tchir
    , contributor
    Comments (1260) | Send Message
    the rating agencies are behind, the real problem is going to be when they start hitting the banks...the sovereigns, especially the small ones, have some hope, but the banks will struggle with downgrades, and since more and more people are calling for banks to take losses on their PIIGS exposures, those will be realized and investors will scrutinize whatever other loans outstanding they have. real estate in particular. time to be very cautious
    12 Jul 2011, 06:51 PM Reply Like
  • Zemko
    , contributor
    Comments (15) | Send Message
    Fiat currencies and their bond debt are dead meat. The weakest in the herd die first. When Spain goes, the balloon is up for the EU.


    However, this dance is coming in the future to a Main Street near you. Equities with "necessary stuff" and physical Au/Ag is my course.


    Zemko out.
    12 Jul 2011, 08:30 PM Reply Like
  • Hypnos7
    , contributor
    Comments (139) | Send Message
    Mostly agreed. However, I prefer to gold to silver -- no industrial uses getting in the way of its precious metal status.
    12 Jul 2011, 09:27 PM Reply Like
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