Futures Point to a Higher Open - Stocks are modestly higher in pre-market trading with the investors looking to add to the gains from yesterday as the news out of Europe has subdued heading in to the weekend. Even a downgrade by Fitch to several large banks, including Goldman Sachs ($GS) and Bank of America ($BAC) was not enough to keep the bargain hunters from buying stocks this morning. Or it could be that any credibility the ratings agencies have left is gone - they are useless in my opinion.
Gold Finding a Bottom - After taking one of its worst week-long beatings in years the price of the yellow metal may have found a price where buyers once again find it an attractive investment. The shares of the SPDR Gold ETF ($GLD) fell from $170 last week to $152 yesterday. In pre-market the ETF is back near $155, an area that is important support (see earlier blog post). We continue to have a long position in gold and feel GLD will hold steady in the $150-$155 range for a couple of days.
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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