This post was just published on ZYX Buy Change Alert.
EWU, an ETF that represents the United Kingdom, is long with an average price of $14.62. This ETF is trading at $19.17 as of this writing. 45% of the full core position size is being held. Profits have been taken as high as $21.
This week FTSE, which is the main stock market benchmark in London, hit a 15 year high. Since our last profit taking on EWU, EWU is down because the British currency has weakened against the dollar.
British elections are ahead. They are likely to be chaotic providing an opportunity to buy at a lower price.… Please click here or the title below to read more.
(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
There is a sigh of relief as revised GDP came at 2.2% vs. consensus of 2.1%, and more importantly whisper numbers of less than 2.0%. This means the American economy is staying strong.
Massive buying of gold in China continues. Overnight premium over international prices in Shanghai was still about $4. Part of the explanation of massive buying of gold by Chinese is that Chinese currency is weakening, so wealthy Chinese are buying gold to hedge currency risk.