Euro zone, technicals unnerve Wall Street – Four stops hit November 17, 2011
Posted by Marlowe Cassetti in IBB, QQQ, SMH, UGL.trackback
Trigger-happy investors dumped stocks on Thursday, scared by the market’s sudden fall through a key technical level brought on by more worries about Europe’s debt troubles.
The S&P 500 steadily slipped through the morning until it broke through 1,225, when selling picked up in both the futures and cash markets.
Investors have been increasingly focused on Europe, and markets were cautious early as bond yields in Spain and Italy rose to levels viewed as unsustainable.
The Dow Jones industrial average .DJI fell 134.71 points, or 1.13 percent, to 11,770.88. The S&P 500 .SPX lost 20.73 points, or 1.68 percent, to 1,216.18. The Nasdaq Composite .IXIC dropped 51.62 points, or 1.96 percent, to 2,587.99. (commentary & photo courtesy of Reuters)
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Today’s troubles caused four of the RSI holdings to hit there stop loss points. These four were UGL, IBB, QQQ, and SMH. Cash reserves soared to 47%, so we have some “dry powder” to redeploy when the conditions improve. I will continue to report on any new new signals.
Catch you later.
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