Stocks fall after China currency enthusiasm fades – Sold PSQ June 21, 2010
Posted by Marlowe Cassetti in PSQ, SH.trackback
Stocks erased big gains Monday after investors lost some of their enthusiasm about China’s decision to let its currency appreciate against the dollar.
The Dow Jones industrial average fell about 8 points after climbing nearly 144 in early trading. The Dow had been up the past four days. The Standard & Poor’s 500 index also slid and the Nasdaq composite index fell after seven straight gains.
The initial reaction to China’s weekend announcement was that a stronger yuan compared with the dollar would allow U.S. manufacturers and exporters to be more competitive selling their products in China. But traders came to see the move as more of a long-term shift rather than something that would give the economy a boost now. (market commentary & photo courtesy of AP via Yahoo Finance)
*****************************************************************************
Today my position in Short QQQ ProShares (PSQ) was stopped out and sold. My other short position in Short S&P500 ProShares (SH) came close to also being stopped out today.
I’m in the process of completing my PowerPoint presentation on RSI to the Colorado Springs AAII group. Therefore I need to keep today’s blog short. I will try to make the charts available to the followers of this blog.
No RSI pick today. Catch you later.
Comments»
No comments yet — be the first.