This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

EU Drama Continues: Dave's Daily

Stocks in this article: BAC GS JPM XLF BWX UUP GLD DJP

ECB head Mario Draghi set the tone for markets early. It was hoped he would not only lower interest rates, (which he did) but more importantly to bulls would be buying vast sums of euro bonds as a bailout (which he did not). Stock markets went straight down from there.

Reporters have been given press passes which will remain good through the weekend for any eurozone announcement. This should indicate a long weekend for hopeful investors.

Rumors and/or trial balloons continue to swirl regarding a variety of solutions. One was that the ESM bailout fund would be given a banking license which might include a large euro Kinko franchise. As quickly as that rose, it was shot down. Other planted stories were well outlined by the WSJ here.

After Draghi's press conference, the euro went south as did gold due to the euro. But some might be the news via the Deutsche Boerse that the BIS, BOE and Fed were in the market selling it.

Stocks fell sharply across the board wiping out the week's hard won gains. Financials took the worst hit which is understandable given bank exposure and eurozone disarray.

With the dollar higher commodities were sold hard while bonds rallied on safe-haven flight.

Lost in the shuffle were good Jobless Claims which came in at a 9 month low despite consistent upward revisions to previous reports.

Let's not forget it's not just the eurozone that is battling debt problems, the U.S. has plenty of its own as noted in the chart below.

Volume rose as stop losses were hit and investors moved to the sidelines. Breadth per the WSJ was quite negative.

You can follow our pithy comments on twitter and become join the conversation with me on facebook.

Continue to U.S. Sector, Stocks & Bond ETFs

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs