Market sinks on fragile recovery fears – AAII Presentation June 24, 2010
Posted by Marlowe Cassetti in ECH, VXZ.trackback
The S&P 500 fell for the fourth straight day on Thursday as fresh signs of consumer weakness and worries about stringent financial regulation provoked investors to unload positions.
The S&P 500 has lost 3.8 percent in four days, with retailers among the biggest decliners a day after discouraging outlooks from Bed Bath & Beyond (BBBY) and athletic apparel maker Nike Inc (NKE).
Nike shares were down 4 percent at $69.95 while Bed Bath & Beyond slumped 5.7 percent to $39.07. The S&P Retail index .RLX slid 2.8 percent.
“People’s general focus is on how fragile the recovery is, and recent data points are giving fodder to the double-dip camp,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
Banks were pressured by fears Congress would pass stringent rules in an overhaul of financial regulations. Lawmakers were on the verge of adopting a bill that could restrict banks’ trading and investment activities, crimping their profits. (market commentary & photo courtesy of Reuters)
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The RSI portfolio managed a small gain today. RSI’s recent picks of the VIX index, VXZ, gained 2.65% while the Chile Index ECH lost 0.62%.
Last night I gave my RSI presentation to the local AAII group. Just click HERE to view the material. Please send me any feedback on the “pitch” as I got some great questions from the AAII group. They brought up some interesting aspects and thus I have more homework to do.
There were no RSI picks today. Catch you later.
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