The Dow Tumbles 200+ Points, Shitsville Masters
Submitted by theStockMasters... on Thu, 02/04/2010 - 18:26
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What a day, every stock is down hard today except for the inverse funds and ETFs. Fear is driving the equity markets down today, fear of sovereign debt problems in Europe have traders running for the exits.
Today's winners are the ProShares UltraSh FTSE/Xinhua China 25 (NYSE:FXP) and Direxion Daily Finan. Bear 3X Shs(ETF) (NYSE:FAZ) both up over 8%.
(AP) Mining and materials companies' shares took a pounding. Worries over the debt struggles of euro-zone countries Greece, Portugal and Spain fueled a flight from stocks to the safe-haven dollar, which hurt commodity prices denominated in the greenback. Barrick Gold (NYSE:ABX) fell 5.5 percent to $33.93 and U.S. Steel (NYSE:X) lost 5.1 percent to $44.44.
"There is significant global concern because of the tidal wave of money shipped around the world," said Fred Dickson, chief market strategist of D.A. Davidson & Co in Lake Oswego, Oregon.
Thus your winners today are the FXP and the FAZ (google links provided below):
| Valuation | |||||
|---|---|---|---|---|---|
| Ticker | Company | Price▲▼ | Change▲▼ | Chg %▲▼ | Mkt Cap▲▼ |
| FAZ | Direxion Daily Finan. ... | $20.79 | +1.69 | 8.85% | 1.06B |
| FXP | ProShares UltraSh FTSE... | $9.90 | +0.76 | 8.32% | 422.65M |
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