Stocks Look For Support

by on August 17, 2011 | ETFs Mentioned:

It’s been a fairly tame week on Wall Street thus far, with investors keeping quiet as no significant economic data has been released. Positive GDP data from Japan pushed markets higher at the start of the week, although equity indexes were quick to give up gains on both Tuesday and Wednesday around noon time. The technology sector was the only corner of the equity market dragged down into negative territory on Wednesday after Dell missed earnings estimates and revised its sales forecast lower. Gold has been climbing higher all week after the precious metal took a big tumble last Friday before the close. Futures prices for the yellow metal closed around $1,790 an ounce, just a few points below the all-time high set last week at $1,817 an ounce.

Checking In: Trading Ideas

This week, our trading ideas included a long position in a commodity and currency ETF, as well as a short position in a domestic real estate equity fund. Stocks have been range-bound these first few days of trading, however, our picks are holding up quite well even in this directionless market environment.

Trading Idea #1: Long FXA

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