Greece Accepts Aid Package, GS Criminal Probe

Friday, April 30, 2010

The Dow gained 122 points yesterday (1.1%) as fears over eurozone contagion subsided. This morning news broke that Greece has now accepted the aid package and the euro has bounced off lows now trading at $1.333, 1.5% off lows. Advanced Q1 GDP numbers came in strong this morning reporting 3.2% annualized growth fueled by a 3.6% uptick in personal consumption. Goldman Sachs (NYSE:GS) is trading down over 5% pre-market at $152 as federal prosecutors consider brining criminal charges against the company, on top of the civil charges filed by the SEC two weeks ago.

Gold looks pretty good to run today. The last two days of consolidation at the resistance level have shown strength in the metal. I have my position in NYSE:GLD and I'll look to add through the $115 level. I added small this morning and will continue watching it throughout the day. I closed out my short in NYSE:PRU yesterday; boy, was I wrong on that one.
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