Sticking With Gold

 | Jun 11, 2012 | 10:33 AM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:




I don't think anyone is too surprised that the opening gap was sold. Perhaps the selling was more aggressive than anticipated, but it was hard to believe the market could run much on the Spanish news after the big jump last week and continued issues in Italy and Greece.

There wasn't much to do on this open but sell them if you had them, then wait for the setups to develop again. The market is a bit technically extended and this pullback isn't a bad development. Back and fill is needed for a better foundation to make an attack on the upside, and maybe crack the downtrend that has been in place for six weeks.

Apple (AAPL), which is my stock of the week, is holding up well as market players look for news out of the developers conference, but there isn't much leadership other than that. Google (GOOG) and Amazon (AMZN) are red and most of the early leaders faded quickly.

I'm continuing to track the gold trade, and I am looking to add to my minor position in Direxion Daily Gold Miners Bull 3X (NUGT) on weakness.

Other than that, I'm taking it slow and waiting to see when the market finds support.

Columnist Conversations

U.S. equities had their worst start to the year since 2009, according to capital flows data. European stocks a...
Google rallied off its 2012 low making a series of higher highs and higher lows for two years. The pullback to...



Columnist Tweets


Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.