We are now entering the fascinating period where we learn about second quarter GDP. I have a sneaking feeling that the stock market has gotten wind of disappointing second quarter activity. This is seconded by distribution days: 5 distribution days on the S&P and 5 on the NASDAQ. This is money managers cutting back or leaving the party early.
Today was gung ho for the precious metals, which were up across the board. GDXJ up 1.92, HUI up 6.30, and GDM up 17.72. The Dow closed down triple digits, confirmed by a 38 point drop in the Transports.
The following is courtesy of my brilliant penpal, Dennis Gartman.
We caution everyone to be aware of the fact that although there shall be a great deal of conversation in the media today about gold’s weakness it is worthy of note ... that gold, even in US dollar terms has held its lows for ... Log in or subscribe to continue reading.
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