Wall Street started off the week in red territory following concerns that the euro zone debt-drama may take much longer to resolve than investors had originally anticipated last week. Euphoria was quick to return to the markets on Tuesday, however, as stocks soared in the last hour of trading, following an unofficial report that Germany and France had ironed out a bailout package to assist the debt-burdened euro zone member nations. Stocks drifted lower on Wednesday despite a better-than-expected Beige Book report, which showed that the U.S. economy continues to expand at the same steady pace as seen in the months prior. Gold remains range-bound, although the precious metal has been drifting lower all week, with futures contracts setting near $1,640 an ounce on Wednesday.
Checking In: Trading Ideas
This week, our technical trading ideas included a long recommendation in a commodity fund as well as a short position in a Treasury ETF, while our third, fundamental pick, focused on the U.S. dollar. Below, we highlight how our trade recommendations from Monday’s Insider have been holding up this week:
Trading Idea #1: Long JJG
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