Stocks climb on earnings, drop in jobless claims – a look at PowerShares Financial Preferred (PGF) April 29, 2010
Posted by Marlowe Cassetti in PGF.trackback
Stocks surged higher after another series of upbeat earnings reports and a reading on unemployment provided more evidence of an improving economy.
The Dow Jones industrials rose 122 points Thursday after the Labor Department said initial claims for unemployment benefits fell last week. And companies including Motorola, Time Warner Cable and Starwood Hotels & Resorts reported earnings that topped analysts’ forecasts.
It was the market’s second straight winning day after a plunge Tuesday that took the Dow down 213. Greece’s debt problems, one of the triggers for that slide, appeared less dire Wednesday and Thursday, and that allowed investors to focus on the growing signs of healing in the U.S. (market commentary & photo courtesy of AP)
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Another great market day which brought all RSI portfolio positions except one, into the green column. The exception is PowerShares Financial Preferred (PGF). PGF is not one of RSI’s picks but rather one of the funds that populate the group of high yield, “holding funds”. This fund invests in preferred shares of financial companies and it sports a yield of almost 8%. Unless circumstances dictate otherwise PGF is a keeper, even though it has not appreciated since I purchased it.
As the chart illustrates PGF has been slowly rolling over which is of some concern. It is a waiting and weighing game on this one. Time will tell.
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A final parting thought concerning lessons learned. Here is a blog worth reading on Lessons from 2008. Please click on this site and read this and soak it in. I’m hanging this on my bulletin board.
No RSI picks today. Catch you tomorrow to close out the week.
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