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.
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