Wall Street, finishing flat, posts 4 weeks of gains – Bought QQQ October 28, 2011
Posted by Marlowe Cassetti in QQQ.trackback
Stocks closed out a fourth week of gains in quiet fashion on Friday, edging higher as the market took a breather after rallying 3 percent on Europe’s deal to stem its debt crisis.
Though investors still have questions about implementing the deal, they appeared satisfied by Europe’s progress as stocks ended their longest weekly winning streak of the year.
The S&P 500 rose 3.7 percent for the week. The benchmark index had a seven-week rally that ended in January, but only two of the weeks were in 2011.
DJIA gained 22.56 points, or 0.18 percent, to 12,231.11. The Standard & Poor’s 500 Index .SPX.INX added 0.49 point, or 0.04 percent, to 1,285.08. The Nasdaq Composite Index .IXIC shed 1.48 points, or 0.05 percent, to 2,737.15. (commentary & photo courtesy of Reuters)
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Of all the recent RSI picks, the QQQ fund has shown good strength and it has established a new long-term uptrend. Therefore, I purchased the Qs for the RSI portfolio.
The QQQ has made quite a run from its local low at the start of this month, so the question is … how long will this last?
The better question is … Is this the continuation of a longer term trend that started in August? I think it is. We shall know the answer to this question in the fullness of time.
Enjoy your weekend.
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