Of Egypt Stocks & Gold

Posted by Stephen Todd: The Todd Market Forecast

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DOW   + 56 on 750 net declines

NASDAQ COMP  + 10  on 300 net advances



STOCKS: In the early going, foreign markets were down sharply. The London FISE, our closest relative, was down 100. The reasons were turmoil in Portugal, Brazil and especially Egypt.

We followed suit initially. The Dow was down 74. But, then it turned and was up as much as 93 before settling back. We think the reason had to do with reports that Morsi in Egypt was about to be deposed. Personally, I hope so.

Why is Egypt important? Just think Suez Canal and oil shipments. But, this was a very light volume partial trading day so a lot of things can happen. Breadth was horrendous, but again, this was a very short trading day and a lot of participants may have taken the day off.

Ed Note:  Michael Campbell will interview Stephen Todd on Money Talks this Saturday @ 9am

GOLD:  Gold managed to move up $8.

   Toronto lost 73.                   

S&P\TSX Venture Comp: The Venture Comp was up by 1.                                                   

BONDS: Bonds lost some ground.                                                      

THE REST: The dollar Rose. Silver, copper and crude moved higher.

NEWS AND FUNDAMENTALS:  The trade deficit $45.08 Billion, more than the expected $40 billion. Initial jobless claims came in at 343,000, less than the expected 345,000.  and the ISM non mfg index was 52.3, less than the consensus 54.5. On Friday we get the dreaded non farm payrolls.

CHART: Interesting. Exactly one day after I praised the advance decline line for outperforming the S&P 500, it does just the opposite. The S&P 500 is still fighting the downtrend line shown.



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