Dow Jones gives up morning gainsPosted: September 1, 2011 | |
Stock markets retraced the spike from the release of ISM manufacturing data, which came in slightly stronger than expected. Knee jerkers sold of precious metals and bought equities. The euphoria last all 15 minutes.
Precious metals have since recouped their loss and SLV is green now at 40.58, while GLD is at 177.53, slightly red. HUI and GDXJ, precious miners indices have turned green after the knee jerkers slammed them down in the morning.
RGLD, SLW, RIC, EXK are all in green now, and I expect the reversal to continue to the day’s end.