Stocks turned lower for a second day in a row as euphoria from last week’s announcement of QE3 appears to be dying down. Profit-taking pressures prevailed despite better-than-expected home builders’ index results as investors instead focused on looming eurozone debt drama given the political gridlock overseas. Adding to the list of economic uncertainties was a reduced profit forecast from FedEx, which gave the bear camp even more reasons to take profits [see also How To Pick The Right ETF Every Time]. Our ETF to watch for the day is the Rydex CurrencyShares Japanese Yen Trust (FXY, B) which could gap in either direction at the opening bell following the overnight reaction to the latest Bank of Japan rate decision. Analysts are expecting for Japan’s central bank to keep rates steady at 0.1%, although the economic commentary issued after the interest rate decision itself should offer more valuable insights into the health of the recovery [...] Click here to read the original article on ETFdb.com. Related Posts: ETF Insider: Bulls Running Low On Fuel, Catalyst Needed AdvisorShares Launches Long/Short Hedge Fund ETF (QEH) ETF Insider: Uncertainty Is Here To Stay ETF Insider: Earnings Jitters Are Back Is The Uptrend In FXY Over?
Stocks turned lower for a second day in a row as euphoria from last week’s announcement of QE3 appears to be dying down. Profit-taking pressures prevailed despite better-than-expected home builders’ index results as investors instead focused on looming eurozone debt drama given the political gridlock overseas. Adding to the list of economic uncertainties was a reduced profit forecast from FedEx, which gave the bear camp even more reasons to take profits [see also How To Pick The Right ETF Every Time]. Our ETF to watch for the day is the Rydex CurrencyShares Japanese Yen Trust (FXY, B) which could gap in either direction at the opening bell following the overnight reaction to the latest Bank of Japan rate decision. Analysts are expecting for Japan’s central bank to keep rates steady at 0.1%, although the economic commentary issued after the interest rate decision itself should offer more valuable insights into the health of the recovery [...]
Click here to read the original article on ETFdb.com.
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