This is a question and answer interview with Chief Market Strategist Gareth Soloway of InTheMoneyStocks.com. He offers his insight and we profit from it. We're discussing yesterday's U.S market trading session (Tuesday May 15, 2012):
Q: What do you think of the stock market today? The SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) is trading at $127.26, +0.31 (0.24%).
A: The markets are doing their best to hold up. We are at a pivotal point where a down day could yield another major leg lower. Should the markets hold up, a bounce is likely for one week. Things are scary in Europe but the charts tell the truth and we must watch them closely today.
Q: Research In Motion Limited (USA) (NASDAQ:RIMM) continues to fall. Is it going out of business?
A: They have made some serious errors in the past, underestimating their competitors. I do not think they will go out of business but the stock will go under $10.00 a share. At that level it becomes attractive as a buyout play. They still have some value and I would consider buying in that range.
Q: Gold continues to fall with many analysts talking about further downside. Do you agree?
A: Gold will head lower until the third quarter of 2012. However, in the near-term I expect a bounce before the next dump. The SPDR Gold Trust (ETF) (NYSEARCA:GLD) has great support around the $150 level here. Today, there may be a reversal and bottoming tail forming for a quick long swing trade.
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Gareth Soloway: 'Markets Trying To Hold Up, Gold Headed Lower For Now'
Published 05/16/2012, 02:18 AM
Updated 07/09/2023, 06:31 AM
Gareth Soloway: 'Markets Trying To Hold Up, Gold Headed Lower For Now'
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