logo
  Join        Login             Stock Quote

Gold Can't Rally Despite Weaker Dollar

 February 12, 2013 02:58 PM


The dollar has been weaker for the past 2 days but gold hasn't been able to rally at all.  Two days doesn't make a trend, but normally gold responds positively to dollar weakness.  The inability of gold to rally recently has some gold bugs questioning their bullish thesis, Dennis Gartman among them.  Technically, gold has still not been able to break the downtrend that started last October.

There isn't any market moving economic data to speak of today.  Overnight, Asian markets were mostly higher, at least the ones that were open.  China and Hong Kong remain closed for the Golden Week holiday.  Japan rose 1.9% after reporting that household confidence rose to 43.3 (vs. 40.5 consensus).

European markets are also generally higher.  The corruption scandals in Italy are heating up.  And the ECB Vice President said G-20 nations should commit to letting their currencies float freely.

[Related -Netflix, Inc. (NASDAQ:NFLX) Q1 Earnings Preview: Trending Towards a Double Surprise]

Earnings season is slowing down, but a few stocks rising on earnings today includes: KORS, FOSL, and MAS.  KO is trading lower after reporting.

The 10-year yield is up a bit today to 1.97%.  It has been consolidating around that 2.0% level since late January, which leads us to believe we could see another push higher in the near future.

The volatility index is roughly flat near the 13 level, still a low absolute level that indicates traders aren't looking for a big market move in the short-term.

Trading comment: The stair-step market continues.  The market rallied strongly on Friday, and so far today for a second day is merely consolidating those gains in a quiet fashion.  Today financials are leading the action while tech takes a back seat.  AAPL is weighing on the tech sector after Tim Cook presented at a conference today but didn't give the sort of details some were hoping for.  He said he was serious about returning cash to shareholders, but didn't specify whether the dividend would be raised or buybacks would be stepped up.  He also hinted at the possibility of a cheaper iPhone, but didn't unveil anything. 

[Related -SolarCity Corp (SCTY): Baird Says Buy the Dip]

KAM Advisors has long positions in AAPL, KO

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageThe Coca-Cola Company (KO) Q1 Earnings Preview: Guidance About to Fizzle?

The Coca-Cola Company (NYSE:KO) plans to release its first quarter earnings results before the market opens read on...

article imageIntel Corporation (INTC) Q1 Earnings Preview: A Business in Transition

Intel Corporation (NASDAQ:INTC) plans to post its first quarter earnings results promptly after the market read on...

article imageFord Motor Company (F): A long Road to Deutsche Bank’s $19 Target

Ford Motor Company (NYSE:F) is going the right way on a one way street where most everybody else is driving read on...

article imageCitigroup Inc (C) Q1 Earnings Preview: Too Many Parts Heading South

Citigroup Inc (NYSE:C) will issue its first quarter results via press release at approximately 8 a.m. (ET) read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.