Monday, Debt concerns weigh on stocks – Looking at DZZ, bought it Tuesday morning May 17, 2011
Posted by Marlowe Cassetti in DZZ.trackback
Stocks fall for second day running, dragged down by technology companies and Europe worries. Technology company troubles and renewed concerns about Europe’s debt dragged stocks lower for a second day.
The Dow Jones industrial average lost 47.38 points, or 0.4 percent, to close at 12,548.37. The Standard & Poor’s 500 index fell 8.30 points, or 0.6 percent, to 1,329.47. The Nasdaq fell 46.16, or 1.6 percent, to 2,782.31.
Commodity prices were mostly lower. Oil prices fell $2.28 to settle at $97.37 a barrel Monday as worries eased that Mississippi River flooding could disrupt refineries and slow demand. (commentary & photo courtesy of AP)
The RSI portfolio fell slightly today, not at all like the overall market. This was due in part to the portfolio holding a 53% cash position, which is high due to the recent selling off of portfolio holdings. All in line with the RSI mechanical system.
RSI last buy recommendations of the Short gold funds are starting to look attractive. I like DZZ since it has been a nice uptrend since it made a local low five days ago.
After the market open I got an alert that DZZ had broken out, so I placed my order to buy.
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No new RSI buy signals after Monday’s market close. Catch you later.
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