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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject5/30/2001 2:41:30 PM
From: besttrader   of 37746
 
14:30 ET Dow -138, Nasdaq -90, S&P -18.83: [BRIEFING.COM] Sell pressure on gold has accelerated throughout the day. The June contract now trades off $7.50 or 2.7% at $267.60. The plunge in gold prices comes as speculative longs unwind given a potentially more bearish economic outlook. Before gold's recent decline, there had been investor sentiment that the Fed's easing policy would serve to lift certain commodity prices. Commodities are more sensitive to changes in money supply and there had been concerns that gold strength may be a precursor to inflationary problems. Today's weakness in both gold and equities is supportive of the notion that the economy may have longer-term demand issues to resolve. DJTA -0.8%... DJUA +0.1%... SOX -6.8%... XOI -0.5%... BTK -3.5%... Nasdaq 100 -5.1%... S&P Midcap 400 -1.9%... Russell 2000 -1.6%... NYSE Adv/Dec 1110/1878... Nasdaq Adv/Dec 953/2736.
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