Verge of Another Big Rally? – ETFexpert.com March 23, 2010
Posted by Marlowe Cassetti in AMJ, MVV, SSO.trackback
Investors are starting to believe that the stock market is on the verge of another big rally.
The Dow Jones industrials rose 103 points Tuesday, their biggest point gain in five weeks. The day’s economic news 
was tepid as the National Association of Realtors reported a drop in homes sales last month that wasn’t as steep as forecast. But analysts said many investors, after seeing the Dow rising 15 out of the past 18 days, grew afraid of missing out on further gains.
The report on housing was typical of recent economic numbers that have been somewhat better than expected but still point to a weak economy. Sales of previously occupied homes fell 0.6 percent last month to an annual rate of 5.02 million. Analysts expected sales would fall 1 percent to 5 million units, according to Thomson Reuters.
The Dow rose 102.94, or 1 percent, to 10,888.83, a new high for 2010. The Dow is at its highest level since Sept. 26, 2008. The Standard & Poor’s 500 index rose 8.36, or 0.7 percent, to 1,174.17. It also stands at an 18-month high. The Nasdaq composite index rose 19.84, or 0.8 percent, to 2,415.24, a 19-month high. (the above market commentary & photo courtesy of AP News)
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Gosh, on the verge of another big rally??? Wasn’t that what RSI was heralding last week with it’s picks of four 2X long funds? Maybe it was giving us a heads up to a new market leg up. We shall know in the fullness of time.
Speaking of these ETFs the two in my portfolio, Ultra MidCap400 ProShares (MVV) and Ultra S&P500 ProShares (SSO) made great gains today. Yes, a few days isn’t my investment horizon but these results are a good harbinger.
Change in topic … I’m often asked to recommend sites geared towards Exchange Traded Funds. From time to time I will feature a particular ETF site, Today I want to cite ETF Expert. Gary Gordon gives great coverage in the ETF/ETN/CEF landscape. I’ve found some great ideas on Gary’s site plus he has a great weekly podcast. Recall when I said I purchased JPM Morgan Alerian MLP Index (AMJ)? I got that idea from ETFexpert. This site is a real gem and well worth the look and listen.
Since there were no RSI picks tonight I will end it here. Catch you tomorrow, however if these is no RSI action I may skip blogging for the session.
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