Is Gold About to Takeoff?
The market was down again today with the DJIA down 78.6 points and the SPX down 6.5 points. The DJIA was down about 250 points at one point this morning but clawed its way back. One interesting development is the move up in gold.
In tonight’s Weekday Market Wrap video I look at the overall corrective waves of GLD from both a weekly and daily view. Also tonight I look at 4 trade idea stocks that hit their second targets today, CAT, FEYE, BABA and SCTY. CAT announced layoffs and revised down their revenue forecast. Continue reading
China’s PMI Manufacturing reading came out overnight and was the lowest reading since March 2009. So the world’s 2nd largest economy is struggling and that is weighing on the global economy, commodities and markets.