$SPY, $GLD, $IEF Down, $UUP Up On QE Taper Risk (Chart, Links)

$SPY, the S&P ETF, fell 0.74% on all of this QE taper talk today (FOMC Minutes, Bernanke's testimony before the Joint Economic Committee/video). The S&P didn't lose much in percentage terms, but it saw a major intraday swing after being up over 1% in the morning. SPY, GLD and IEF (7-10 year Treasury Bond ETF) all closed down, while UUP, the US Dollar ETF, closed up. Here's a quick chart and a few interesting posts to read.

source: StockCharts.com

*Bernanke's QE Dance: Fed Could Taper In Next Two Meetings, Tightening Would Collapse The Market (Forbes)
*Hawkish comment from Bernanke hit stimulus-dependent asset valuations (Sober Look)
*Fed Winddown Strategy Will Test Economy’s Reaction and Adjust (Jon Hilsenrath, WSJ)
*Analyst: A 'Bearish Shooting Star' Is About To Emerge (Business Insider)
*Japan’s Bonds Fall on Fed Comments as 10-Year Yield Rises to 1% (Bloomberg)
*BOJ says party on - in the long run we are all dead (Sober Look)
*China HSBC flash PMI hits 7-mth low, fans growth fears (Reuters)
*Jeff Gundlach: "We Are Drowning In Central Banking" (ReutersTV at Zero Hedge)

"We are looking at competitive currency devaluations, which causes rancor, causes unhappiness, and fingerpointing and god-forbid tariffs and things that cause even slower economic growth a la the 1930s."

Related Posts

Comments

HTML Comment Box is loading comments...