Classic Greek Drama Unfolds

by on September 14, 2011 | ETFs Mentioned:

U.S. equities got off to a rough start this week, opening lower and managing to climb out of the hole only in the final hours of trading. Fears of Greece defaulting are permeating every corner of the financial market as investor uncertainty continues to remain elevated and a lack of action from European lawmakers is only adding to the suspense. Wall Street bulls pushed indexes higher on Tuesday, also extending gains into Wednesday, although a quick wave of high-volume profit taking swept across the market in the in he final hour of the session. Gold has drifted lower over the past three days, however, the precious metal remains a safe haven and futures prices have held above key support at the $1,800 level.

Checking In: Trading Ideas

This week, our trading ideas included a short position in a South American equity fund, as well as long positions in a domestic tech-ETF along with defensive exposure to the U.S. dollar. We expect stocks to remain volatile until solid fundamental economic data restores investor confidence and some sort of resolution is reached overseas in the euro zone. Below, we highlight how our trade recommendations from Monday’s Insider have been holding up:

Trading Idea #1: Short EWZ

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