Stocks waver after upbeat economic data –Bought USO March 30, 2010
Posted by Marlowe Cassetti in USO.trackback
Stocks waver after better-than-expected reports on consumer confidence, home prices. Stock prices fluctuated in a narrow range Tuesday as investors made last-minute portfolio adjustments as the end of the quarter approached.
The mood in the market was upbeat after a report that consumer confidence grew more than expected in March, although it’s still well below historical levels that indicate a strong economy. A separate report showed home prices inched higher for the eighth consecutive month.
Analysts expect trading to be erratic the next two days. At the end of a quarter, institutional investors typically engage in what’s known as window dressing, or trades intended to boost returns on reports sent to shareholders.(commentary & photo courtesy of AP)
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Today USO – United States Oil Fund held its own after a strong move up yesterday, so I bought the prescribed number of shares. This ETF trades on huge volume so it was no problem to get a good fill. I enlarged the chart to focus in on the past three months. The next stop is for oil to continue its upward path.
Recently I listened to a podcast interview of Mark Hulbert. I have great respect for Mark’s work. He has followed investment newsletters for over 30 years. In summary, Mark believes that the road to investment success is to have a strategy and stick with it. It really doesn’t matter how good the system is, what matters is the consistent use. This is something to ponder. Maybe I shouldn’t dicker around with RSI and just lock up the code?
No RSI picks tonight. Catch you later.
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