CHICAGO, Aug. 5, 2011 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "inthemoneystocks".
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Europe Issues, Gold Top, Dow Bottom
As Europe continues to implode, talk from the European Central Bank President Jean-Claude Trichet has quickly turned from hawkish to dovish. This means that European heads have now made a 180 degree turn from being anti inflation, to printing money and easy monetary policy. This is causing the Euro to collapse and the Dollar to spike. The CurrencyShares Euro Trust (NYSE: FXE) is trading at $141.07, -1.55 (-1.09%).
The future is now clearer and it bodes well for a strong Dollar. The Euro will most likely continue to decline as Europe does what much of the rest of the world has been doing, print money. This could be a very strong negative for gold in terms of U.S. Dollars. The SPDR Gold Trust (ETF) (NYSE: GLD) hit a high of $163.87 but is now collapsing, trading at $160.75, -0.74 (-0.46%). In addition, gold is a very over crowded trade and it appears Wall Street pros are running for the exits.
The stock market is hovering off the lows for now. Volume is huge again, on pace to be bigger than yesterday. The Dow Jones Industrial Average hit a major double bottom on the daily chart from March 2011. The SPDR Dow Jones Industrial Average ETF (NYSE: DIA) is trading at $115.98, -2.82 (-2.37%).
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