Traders find themselves back in a risk on scenario across the board after the G8 statement indicated the euro zone policy makers would like to keep Greece in the family.
Final upgrade list for Friday May 18th 2012
On yet another day selling on fears of the euro zone the afternoon has produced a couple of 52 week highs
S&P fair value is at +4.50. NASDAQ fair value is +7.00. The Dow posted it’s 11th out of 12 trading loss while the S&P 500 posted its 10th out 12 trading loss yesterday setting up the U.S. markets for
Market took a pounding for the 10th day but a couple of brights spots can be found with today’s analyst upgrades.
U.S. markets started out flat but eventually gave into selling pressure to lock in the 10 loss in 12 days and a new multi month low.
Technical screens found another ETF that has confirmed a weekly triangle suggesting continuation of the current bearish trend. The pattern is confirmed with the Relative Strength Indicator (RSI) pushing below the trendline at the same time the moving average of the RSI is moving lower.
Looking at the gold charts today we find a solid bounce off support at $14.90 on the iShares Gold Trust (IAU, [stock IAU]). iShares Gold Trust has been in descending channel since early February dropping over 14% since before bouncing off solid support
U.S. futures take it on the chin after the U.S. weekly jobs report
U.S. J0bless Claims