Wall Street opened in deep red territory at the opening bell Monday morning as Greek debt woes resurfaced. Broad equity indexes climbed higher towards the end of the day however, further extending their gains into Tuesday, only to fall victim to profit taking in the final hours of trading. The Fed went ahead with the twist, and their decision to sell $400 billion of short-term Treasuries for longer-term ones spooked investors big time, sparking a broad-based, heavy volume sell-off across all corners of the market. Surprisingly, gold wasn’t the best defense this time around as the precious metal fluctuated during the day and sank lower after the Fed’s announcement, settling around $1,780 for the day.
Checking In: Trading Ideas
This week, our technical trading ideas included a long and short recommendation in some popular domestic sector funds while our third fundamental pick focused on a U.S. Treasury offering, confirming our bullish suspicions. Below, we highlight how our trade recommendations from Monday’s Insider have been holding up:
Trading Idea #1: Short XLV
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