A stronger dollar, weak data, and a weak 5 yr. auction all contributed to backtracking in stocks.The BO in the $USD was impressive and will be a factor in the stock market rally if it succeeds.
Today sector pressure was noted in: Gold Miners GDX -3.9%, Silver SLV -2.6%, Health Provider -2.5%, Semi SMH -2.3%, Crude Oil USO -1.9%, Gold GLD -1.9%, Biotech -1.6%, Retail -1.4%, Healthcare -1.3%, Telecom -1.1%, TRAN -1.3%,. Groups on the plus side - insurance and banks.
GLD looks poised to retest its trendline on dollar strength.
No comments:
Post a Comment