Even as the news remains negative and we head into a weekend, stocks are holding onto modest gains of 0.5% with 30 minutes left in the week.
My gut feeling when the market was down 2% this morning was that we hit an intermediate-term low as the capitulation soared. I felt the same way in regards to gold mid-day and sent out a Tweet from @MatthewMcCall that a buy at $159.25 on GLD was a good strategy. GLD continues to trade near the $160 level heading into the close. This looks like a good price to add to a position or begin building a position.
Another longer update this weekend.
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Matt McCall
Market expert and TV personality Matt McCall blogs about what is really moving the markets. He will emphasize Exchange-Traded Funds (ETFs) and individual stocks throughout the trading day.
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