This Day On The Street
Continue to site
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

Commodities Down on Stronger Dollar: Dave's Daily

Planted rumors, by Iran evidently, of an explosion to a critical Saudi oil pipeline were evidently false. But some still believe it occurred. And, just before the close Friday another rumor appeared suggesting an oil complex explosion in Yemen via Bloomberg.

German retail sales fell 1.6% instead of an expected gain while Spain raised its projected budget deficit to 5.8% of GDP versus previous 4.4%. These events combined to rally the dollar rally and cause a drop in commodities (priced in dollars). Gold (GLD), silver (SLV), oil (USO) and base metals (JJC). U.S. 10-year Treasury bonds (IEF) was stronger with the yield once again below 2%.  

It is a little surprising the dollar rallied (.80%) on this news since both Goldman Sachs (GS) and Bank of America (BAC) downgraded their expectations for U.S. GDP to 1.8% from 2.2%. Meanwhile, respected ECRI (Economic Cycles Research Institute) is also on record seeing a recession ahead.    

Another internet commerce company Yelp (business rating service) went public Friday and soared 60% even though the 8-year-old start-up has yet to turn a profit. There are buyers programmed to buy this stuff no matter how crazy it may appear.

Stocks were weak most of the day Friday and not seeing much encouragement from either economic data or earnings. Maybe it's just traders, with several 4 day trading weeks since 2012 began, aren't used to a full week. For myself, if we only traded Tuesday-Thursday it would make me a happy camper.

Volume overall was ridiculously (needing new adverbs) light while breadth was negative.

Join the banter with me on twitter and facebook.

SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
See more details

IWM - The iShares Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.
See more details

QQQ - PowerShares Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded fund. PowerShares QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consists of all of stocks in the Index.
See more details

Continue to U.S. Sector, Stocks & Bond ETFs
1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $126.00 -0.35%
FB $87.55 0.30%
GOOG $522.84 -0.11%
TSLA $279.67 -0.12%
YHOO $38.62 -1.90%

Markets

DOW 17,683.58 -46.53 -0.26%
S&P 500 2,068.76 -8.02 -0.39%
NASDAQ 4,991.94 -17.2740 -0.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs