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Daily ETF Roundup: UNG Soars On Weather Forecast, GDX Tumbles As Gold Falters
November 17, 2011 at 18:00 PM EST
Yet another down day for the Street as investors try to strafe fears from the euro zone as well as U.S. worries. Though there was no single event that sent stocks into the gutter, it seems that profit taking for an uncertain future went into effect. Overall, the Dow lost 134 points and the S&P sank about 1.7%; two straight days of heavy losses. Gold, the recently correlated precious metal, saw its price drop by a crushing 3%, as the safe haven metal has been slowly losing its luster. Finally, the big loss on the day came from oil, which saw its price dip by nearly $4/barrel as prices calmed down after yesterday’s surge [see also Gold And Silver In A Correlation Bubble?]. There is much speculation that the sell-off, which intensified as the day progressed, was fueled by the S&P crossing a crucial mark. Once the index fell below [...] Click here to read the original article on ETFdb.com. Related Posts: No Related Posts
Yet another down day for the Street as investors try to strafe fears from the euro zone as well as U.S. worries. Though there was no single event that sent stocks into the gutter, it seems that profit taking for an uncertain future went into effect. Overall, the Dow lost 134 points and the S&P sank about 1.7%; two straight days of heavy losses. Gold, the recently correlated precious metal, saw its price drop by a crushing 3%, as the safe haven metal has been slowly losing its luster. Finally, the big loss on the day came from oil, which saw its price dip by nearly $4/barrel as prices calmed down after yesterday’s surge [see also Gold And Silver In A Correlation Bubble?]. There is much speculation that the sell-off, which intensified as the day progressed, was fueled by the S&P crossing a crucial mark. Once the index fell below [...]
