Stocks gains on Europe, Accenture rises late – RSI picks SH September 27, 2011
Posted by Marlowe Cassetti in SH.trackback
Stocks rose for a third day on Tuesday on efforts by euro-zone officials to solidify the region’s rescue fund and alleviate a sovereign debt crisis, boosting optimism.
But equities ended off their highs for the day after a report suggested cracks were emerging in a previously agreed deal to tackle the crisis.
A successful solution to Europe’s sovereign debt crisis would take the pressure off banks worried about funding and remove a threat to economic growth. Rising hopes for an agreement have helped push the S&P 500 up more than 4 percent since Thursday’s close.
The Dow Jones industrial average finished up 146.83 points, or 1.33 percent, at 11,190.69. The Standard & Poor’s 500 Index was up 12.44 points, or 1.07 percent, at 1,175.39. The Nasdaq Composite Index was up 30.14 points, or 1.20 percent, at 2,546.83. (commentary & photo courtesy of Reuters)
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The market rally these past three days have hit the RSI portfolio. With that as a background, RSI has picked another “short the market” fund. Here is the latest:
- Buy 137 shares ProShares Short S&P500 (SH); Volatility = 6.5%
The RSI portfolio currently hold SDS the ultra short fund and back on Sept. 23 RSI picked the short Russell 2000 fund RWM. Thus this current buy pick adds to RSI’s bearish bias. SH may be poised for a move up, it took a hit today. The same goes for SDS and RWM; the charts look alike. But what if the bear market resumes???? We shall know in the fullness of time.
I’ll catch you later.
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