(click for larger image)GAINERS (% chg since open):
GDX +1.87%
EWZ +1.73%
USO +1.61%
EWT +1.33%
LOSERS (% chg since open):
IYR -0.97%
RTH -0.91%
SMH -0.83%
Comments:
S&P, Nasdaq, DOW, Russell 2K are all treading water for the most part at noon Eastern. Looks like the market is waiting on the FOMC minutes at 2pm.
SMH (semiconductors) fell sharply to $38 just before noon today and was down over 1% at that point, but since has rebounded. Very weak action from all the components. Word is there is a glut of chips. I am curious if the divergence between SMH and QQQQ is foretelling something. If SMH does not confirm the Q's rise, is this a negative?
Brazil (EWZ) is hitting new highs with a gap open at $78 and running up to $79 for a 2.5% gain on the day. While the Asian emerging shares also gapped up, they have not been as strong intra-day as Brazil.
GDX (gold miners) are in a consolidating range between $46 and $43. Thats a pretty wide range of 7%. 14 days of this bouncing around this range so far...very volatile, hard to trade. Waiting for the next gold breakout. GLD has been trading below its upward channel for 6 days straight now.
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