U.S. debt news and euro debt agreement fuel rally – RSI picks iShares MSCI Japan Index (EWJ) … again July 21, 2011
Posted by Marlowe Cassetti in EWJ.trackback
Stocks climbed on Thursday as signs of progress on the U.S. debt talks and concrete action from Europe on its own debt crisis heartened investors.
But the biggest news was on a possible U.S. debt deal to save the United States from an unprecedented default.
The Dow Jones industrial average .DJI gained 152.50 points, or 1.21 percent, to 12,724.41. The Standard & Poor’s 500 Index .SPX rose 17.96 points, or 1.35 percent, to 1,343.80. The Nasdaq Composite Index .IXIC advanced 20.20 points, or 0.72 percent, to 2,834.43. (commentary & photo courtesy of Reuters)
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Back last October RSi picked EWJ and today it again went back to the Japan well. Here is the pick:
- Buy 1151 shares iShares MSCI Japan Index (EWJ); Volatility = 3.20%
For the past several weeks EWJ has been in a well defined up-trending channel and RSI wants to hitch onto the up elevator. Apparently RSI thinks that Japan has put its troubles behind. Whatever, the market is favoring EWJ. I like it too and may buy it tomorrow.
Have a good day and I’ll catch you later.
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