WALL STREET PLUNGES AS WORRIES ABOUT CONSUMERS MOUNT – ANOTHER STOP HIT October 30, 2009
Posted by Marlowe Cassetti in AGQ, DIG, DYY.trackback
Stocks plunged Friday, erasing all of the previous day’s big gains, as a drop in consumer spending fanned worries that the economic recovery won’t be sustainable.
Today’s Trading – Well initially I equivocated about buying Ultra Oil & Gas ProShares (DIG) for several reasons, see my blog of October 27th. Anyway DIG stopped out today and I took a loss equivalent to 1% of my trading portfolio. So with this sale plus AGQ the other day I have only one more leveraged fund in my portfolio, PowerShares DB COMMODITY DBLE LONG ETN (DYY). I mentioned that I purged RSI’s data base of all leveraged ETFs. I have tested it and this change will aid future performance.
RSI had no picks today.
Yesterday I mentioned my opinion that we are in a bear market rally. I just received the following chart that puts our current rally into perspective. It has exceed all the great depression rallies in both magnitude and duration. See Chart of the Day for more details.
Remember, my opinion has little bearing on how I execute RSI’s ETF picks because it is mechanical. Have a great weekend.
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