Today in the market, Thursday July 10, 2008: The market chopped along only to end up in positive territory. The S&P was up 0.70% and the Nasdaq was up 1.03%. And all this despite crude oil prices higher. Maybe this is a good sign…who knows?
RSI’s Themes: At long last RSI has several ETF/CEF picks and they are globally oriented. Likewise the falling knife list is well populated with foreign (Asian) funds. The stock picks, although interesting, has no clear theme.
ETF/CEF Low Volatility:
- ESD – Western Asset Emerging Markets Debt Fund Inc.
- FXA – Currency Shares Australian Dollar Trust
ETF/CEF Medium Volatility:
- MXI – iShares S&P Global Materials Sector Index Fund
Stocks Low Volatility:
- ATT – AT&T Inc. – Sr Notes
Stocks Medium Volatility:
- CPL – CPFL Energia SA
- MATK – Martek Biosciences Corp.
Stocks High Volatility:
- FSLR – First Solar Inc.
- GNK – Genco Shipping and Trading Ltd.
Stock Picks New to RSI:
- Genco Shipping & Trading Limited engages in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels.
ETF/CEF Catch a Falling Knife:
- EAD – Evergreen Income Advantage Fund, Inc.
- GRR – Asia Tigers Fund, Inc.
- IIF – Morgan Stanley Dean Witter India
- INP – iPath MSCI India ETN
- PDP – PowerShares DWA Techincal Leaders Portfolio
The chart tells the story, the India funds were high flyers but have sunk like lead balloons. The other funds have had problems too. But there are some gems in the falling angels. Time will tell.
