Wall Street Finishes Flat – Monitoring EUO & UYG March 25, 2010
Posted by Marlowe Cassetti in EUO, UYG.trackback
Stocks ended flat on Thursday, dropping off earlier highs as a weak U.S. bond auction and global debt concerns continued to weigh on investor sentiment.
Indexes advanced for most of the session, with the Dow and S&P hitting fresh 18-month highs, but their gains mostly disappeared after the auction of seven-year notes and comments from European Central Bank President Jean-Claude Trichet on issues surrounding Greece’s sovereign debt.
The Dow Jones industrial average was up 0.05 percent, to end at 10,841.21. But the Standard & Poor’s 500 Index .SPX was down 0.17 percent, at 1,165.73. And the Nasdaq Composite Index was down 0.06 percent, at 2,397.41.(market commentary & photo courtesy of Reuters)
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As my loyal readers know, I am continually refining and adding (and sometimes dropping) modules to the RSI system. I have a trend following module that is just about to go primetime. In my evaluation of this module I noticed that in the past few days it picked the following funds just prior to them roaring off to the stratosphere.
- UltraShort Euro ProShares (EUO)
- Ultra Financials ProShares (UYG)
Let’s take a look at these two double leveraged funds:
Currently these uptrends are very powerful. I think it would be instructive to monitor these two funds for a possible price retracement, and reevaluation. Or in simpler terms … don’t chase maybe buy on pullbacks.
Catch you again … maybe this weekend after the market closes.
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