Wall Street falls after 4 up days on Fed’s comments – Bought BHH June 22, 2011
Posted by Marlowe Cassetti in BHH.trackback
Stocks dropped on Wednesday after the Federal Reserve acknowledged the sluggish pace of the U.S. economic recovery without hinting at further plans for stimulus.
The Fed said the recovery was proceeding more slowly than it had expected. In his news conference, Fed Chairman Ben Bernanke offered nothing to motivate investors to buy equities.
Without new information from the Fed, investors were left to take profits after a four-day rally that lifted stocks from three-month lows. Some analysts see range-bound trading ahead, with 1,295 among the S&P 500′s first targets of resistance.
The Dow Jones industrial average .DJI slid 80.34 points, or 0.66 percent, to 12,109.67 at the close. The Standard & Poor’s 500 Index .SPX dropped 8.38 points, or 0.65 percent, to 1,287.14. The Nasdaq Composite Index .IXIC tumbled 18.07 points, or 0.67 percent, to 2,669.19. (commentary & photo courtesy of Reuters)
This morning I purchased BHH for the RSI portfolio. The portfolio took a hit, less than the market indices, but a –0.5 % hit nevertheless. For the day, all the holdings were in the red.
There were no new RSI buy signals today.
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