Markets closed down up Wall Street: DJI 0.31% SP500 0.41% Nasdaq 0.5% Gold 0.87% Oil 0.51%.
Markets were quiet as traders LOVE turning three-day weekends into 3.5 days. On the commodities front, Oil (NYSE:USO) held the $100 line to close the week. Gold (NYSE:GLD) and Silver (NYSE:SLV) also held important technical levels to close the week.
Fresh Off the Press: Wall St. Cheat Sheet’s newest Feature Trades of the Month>>
Today’s markets were up because:
1) The more econ data sucks, the more traders await more Fed puts. Today we saw the Pending Home Sales Index plummet over 11%! “No worries. Bernanke.” Consumer Spending was weak. “Really? Have no fear, Bernanke’s here.” And finally we learned consumers have a rosier sentiment than last month. “RISK ON!”
2) The US Dollar got punched in the face. That’s right. A two-week low. Even with the EU facing headlines of a deepening sovereign debt crisis, no one wants a greenback (NYSE:UDN). The dollar’s demise helped Oil (NYSE:USO), Gold (NYSE:GLD), and commodities (NYSE:RJI) lock in winning days.
3) Tech continues to stay in focus. We started the morning with news Ebay (NASDAQ:EBAY) is suing Google (NASDAQ:GOOG) for stealing PayPal’s secrets and using them to create Google Wallet. Microsoft (NASDAQ:MSFT) attempted to promote some tablet PC hype, and Amazon (NASDAQ:AMZN) lost a ton of cash subsidizing the pop music goddess Lady GaGa’s new album.
Now that you’re in the know, enjoy Memorial Day weekend!