Stocks slid again today on the strength of Japanese Yen against the US Dollar. Investors are watching what’s happening in Japan, especially as their stock and bond markets have been riding a roller coaster over the past several weeks. Attitudes fluctuate almost daily about the new government’s economic program and the Bank of Japan's big bond-buying effort, which are ripping through to emerging-market currencies, European stocks and now U.S. equities.
The Dow opened up as many as 119 points, but those gains quickly evaporated and the blue-chip average fell into negative territory by lunchtime. These intra-day reversals are starting to become commonplace: The Dow has now moved more than 100 points in seven of the eight trading days this month. Major indexes lost between 0.85% and 1% by the closing bell. SPY closed at $161.75 leaving a cushion of $2.75 for our trade with two days of trading left for the week.
We'll have weekly jobless claims, Retails Sales data for May, Import & Export Prices, Bloomberg Consumer Comfort Index & Business Inventories data released in US tomorrow. Overseas we'll have ECM Monthly Report released for European Union.
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