S&P dips as profit fears hit banks; CAT lifts Dow - April 26, 2010
Posted by Marlowe Cassetti in MVV, QLD, SSO, USO.trackback
U.S. stocks edged lower on Monday as bank shares fell on fears that financial reform making its way through Congress will curb profits, while Caterpillar’s strong results buoyed the Dow.
A proposal to overhaul financial regulation that could restrict lucrative derivatives trading was expected to face a crucial Senate test vote on Monday and weighed on financial shares.
The Dow Jones industrial average edged up 0.75 point, or 0.01 percent, to close at 11,205.03. The Standard & Poor’s 500 Index dropped 5.23 points, or 0.43 percent, to 1,212.05. The Nasdaq Composite Index lost 7.20 points, or 0.28 percent, to 2,522.95.
On the New York Stock Exchange, nearly eight shares fell for every seven that rose, while on the Nasdaq, decliners beat advancers by a ratio of about 14 to 13.(market commentary & photo courtesy of Reuters)
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Today’s market action didn’t look too favorably on the RSI portfolio. Loss, not big, but losses nevertheless, hit the oil fund USO took a –1.47% hit. Likewise the ultra long funds SSO, MVV and QLD had losses of –0.5 to –0.7%. We have seen such good, consistent gains these past few weeks that this is a bit of a change. On balance, the portfolio has only 14% of the funds are net losing positions and the losses are less than –0.75%. Not too shabby, but as I have often stated it isn’t the short term results it is the longer term view that matters.
Otherwise there is really nothing else to report since there were no further RSI picks today. Catch you later.
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