Stocks slip as worries over Europe linger – Stopped out on DZZ May 24, 2011
Posted by Marlowe Cassetti in DZZ.trackback
Continued worries about Europe’s lingering debt crisis overshadowed a small rebound in oil prices and pushed stocks slightly lower on Tuesday.
Oil rose nearly $2 to $99.59 per barrel after major banks raised their forecasts for crude prices.
The Dow Jones industrial average fell 25.05 points, or 0.2 percent, to close at 12,356.21. The Standard & Poor’s 500 index fell 1.09 point to 1,316.28. The Nasdaq composite fell 12.74, or 0.5 percent, to 2,746.16. (commentary & photo courtesy of AP)
Although the market fell today, the RSI portfolio was essentially flat today. The gamble on RSI last buy recommendation, PowerShares DB Gold Double Short ETN (DZZ), didn’t last long as it hit its stop loss and it was sold for a –1.0R loss. Bought it May 17th and sold it May 24th. Talk about a quick loss, but remember it is all part of the process. Sell stop at the –1.0R level and start a trailing profit stop at the +2.0R level.
There were no RSI picks after the market close today. Catch you later.
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