Stocks turn higher as crude oil tops $100 a barrel – RSI picks PXJ May 25, 2011
Posted by Marlowe Cassetti in DBB, PXJ.trackback
The oil rally is on again.
Stocks closed higher Wednesday for the first day this week as rising oil prices offset worries about the global economic recovery. Oil rose nearly $2 to settle at $101.32 per barrel, pushing energy stocks higher.
The Dow Jones industrial average rose 38.45 points, or 0.3 percent, to close at 12,394.66. The Standard & Poor’s 500 index rose 4.19, or 0.3 percent, to 1,320.47. The Nasdaq composite rose 15.22, or 0.6 percent, to 2,761.38. (commentary and photo courtesy of AP)
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The RSI portfolio turned in a market beating day with DBB turning in a +2.19% gain and all positions were in the green.
With all the cash reserves burning a hold in my pocket, I’ve been reviewing many of RSI’s previous picks. At this point silver, cotton and energy ETFs look constructive. This was reinforced after the market closed RSI flashed a buy signal for an energy fund:
- Buy 968 shares of PowerShares Dynamic Oil & Gas Services (PXJ) Volatility = 4.24%
Let’s face it, Oil & Gas services business will continue to be in demand and thus this fund should recover from its recent downturn. It was up over 3% today and it should continue with its recover. It has low volatility, so you have to make a big investment for a -1.0R risk. I will be buying this soon.
Catch you later.
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