NEW YORK ( TheStreet) -- Investors on StockTwits.com sought protection in gold and currency hedges Wednesday after the government released GDP estimates that signaled the U.S. recovery may be faltering.
The StockTwits advanced search bar, currently in beta testing, showed investors discussing GDP also talked about adding to gold positions and buying pounds.
The British pound hovered near multi-year highs against the dollar after the U.S. advance GDP release. Gold, however, edged lower. SPDR Gold Shares (GLD) an ETF that tracks the price of the yellow metal, fell 0.26% by 11a.m.
? JuztaCommon (@JuztaCommon) Apr. 30 at 10:41 AM
Surprisingly to some investors, the S&P 500 and the Dow were near flat after the report.
StockTwits' users attributed the lack of negative stock response to expectations that the Federal Reserve would change its policy of reducing monthly bond purchases that stimulate the economy. Many expected the FOMC announcement at 2p.m. to have dovish language, or even more outright suggestions that stimulus reductions should be halted until U.S. economic growth is on sounder footing.
$SPY if bulls come out of this with a win today I really will be shocked. Hard not to be emotional about a GDP print like that.? J. Scales (@Scaletrader) Apr. 30 at 10:21 AM
@M5amhan Today's candle or the first 45m candle? Lots if action ahead. Yellen may hold taper this month after crappy GDP print. Who knows?
? Brian Anderson (@briander81) Apr. 30 at 10:07 AM
At the time of publication the author held no positions in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.