Markets closed down on Wall Street: DJI –0.01% SP500 -0.36% Nasdaq –0.24% Gold +0.69%
The markets were down because:
- Macro economic data failed to inspire bulls. Initial Jobless Claims stunk, PPI showed energy and food are inflating, and the US Trade Deficit showed wealth continues to go abroad. For more details, here is today’s Macro Economic Mashup >>
- The foreclosure crisis is gaining steam. Investors are selling bank shares first (XLF) and asking questions later as someone “leaked” a damning report on Bank of America’s foreclosure exposure. Check Out: Your Cheat Sheet to the Foreclosure Crisis >>
- Gold (GLD) sets another record. Now that Bloomberg brought on Mr. T, you can bet an awe-inspiring blow-off stage is inevitable.