Slide in retailers sends stocks broadly lower May 21, 2011
Posted by Marlowe Cassetti in DZZ.trackback
Stocks closed broadly lower for a third straight week on signs that U.S. consumer demand may be weakening.
Retailers Gap Inc. and Aeropostale Inc. each lost more than 14 percent Friday after cutting their profit forecasts for the year, in part because of higher costs for raw materials and sluggish sales. That was a worrying sign for investors who had counted shoppers to lead a recovery in spending.
The Dow & S&P market indies fell by more than 0.3 percent for the week. The Nasdaq lost the most, 0.9 percent.(commentary courtesy of AP News)
This week the RSI portfolio took a hit similar to the overall market, but to a lesser extent. There have been no RSI buy recommendations this week. We did add DZZ to the portfolio, but it was recommended the previous week. It has been a dry week. Hope you are having a great weekend.
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