ETF DAILY NEWS TAKE: Stocks gave up big gains a day after ETF Daily News posted The Bear ETF’S Are Getting Ready For “Sell In May And Go Away”! The big winners today were the bears, but will the blood in the street continue to put the bulls away for the summer?
After six strong weeks, stocks had a very difficult day. As we’ve said previously, a decent-sized pullback after such a big run-up seemed likely. How the market responds the next few days will be important in setting the near-term trend as we hit the busiest part of earnings season. There will be a lot of company data and projections to chew on over the next two weeks, but that will just be an appetizer to what the government has to say about its bank stress test on May 4th.
Stocks plunged to start the week. The Dow fell -290 points to 7,842, while the S&P dropped -37 points to 832. The Nasdaq, meanwhile, lost -65 points to 1,608. Oil nosedived -$4.45 to $45.88 a barrel, while gold climbed $19.60 to $887.50 an ounce.
The Leveraged ETFs was the top performing tickerspy Index on the day, led by Direxion Shares Etf Trust Financial Bear 3x (NYSE: FAZ – News) with a 31% gain.
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