Wednesday, May 25, 2011

Market comments for May 25th

This morning data was released regarding Durable Goods Orders. The data came in at -3.6% for April. March data was revised upwards from +4.1% to +4.4%. Expectations for April were for a -2.0%. The data shows the economy is definitely slowing.

The downtrend continued yesterday with the Indexes down for the day. Today, the Indexes seem to have started down but all have turned up. A small rally is in order given the number of down days we have had recently, but we are still not recovering to new highs but rather lower highs.

Yesterday the EU authorized the use of Gold as collateral. This is an important change and worth reading this article by Zero Hedge today titled, "The European Gold Confiscation Scheme Unfolds: European Parliament Approves Use Of Gold As Collateral".

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