Tortoise rally – Review of Ultra MidCap400 ProShares (MVV) March 31, 2010
Posted by Marlowe Cassetti in MVV.trackback
Stock market slows its climb but ‘tortoise rally’ still produces best 1st Qtr since late ’90s. The stock market is taking some ages-old advice to heart: everything in moderation.
Stocks on Wednesday ended a first quarter that many investors and analysts would describe as healthy. The Standard & Poor’s 500 index is up 4.9 percent by amassing a string of steady gains that were far from the supersized jumps seen in 2009. The Dow Jones industrials are up 4.1 percent, but with unremarkable gains of 50 points here and 15 there. They’ve had few of the triple-digit swings that used to be commonplace.
The Dow fell 51 points, or 0.5 percent, to 10,856.63 Wednesday but still posted its best first quarter since 1999. It is approaching 11,000 for the first time in a year and a half. It’s up 9.6 percent after falling to 9,908.39 on Feb. 8. The Dow has closed up 19 of the last 24 days.
The quarter has padded the Dow’s huge 2009 gain, putting the average 65.8 percent above the 12-year low of 6,547.05 it reached on March 9 of last year. However, it’s still down 23.4 percent from its October 2007 peak of 14,164.53.(commentary & photo courtesy of AP)
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Well I don’t have a problem with this tortoise rally. It is nice to have the market trending slowly but surely on this upward incline.
Reviewing and updating prior RSI picks, let’s take a look at Ultra MidCap400 ProShares (MVV):
RSI issued a buy for MVV after the market closed on March 12, 2020. I cautioned at that time that MVV had moved up smartly to the upper trend line. I held up on buying for a few days. It subsequently rolled over but recently consolidated at this current price. It still is away from the -$1.34 stop loss level. Let’s see what happens.
RSI had no picks after today’s close. I’ll catch you later.
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