Market eyes Europe, DC after worst week in 2 months – New positions added to RSI portfolio November 18, 2011
Posted by Marlowe Cassetti in AMLP, OIL, TLT, VXX.trackback
The worst week for U.S. stocks in two months ended with traders mostly sitting it out on Friday as they waited for politicians in Europe and the United States to tackle festering debt problems.
Friday’s directionless market showed more exhaustion than relief as Europe remained investors’ primary worry. Stocks found support after Italian and Spanish bond yields fell thanks to buying by the European Central Bank.
The Dow Jones industrial average gained 25.43 points, or 0.22 percent, to 11,796.16. The S&P 500 dipped 0.48 point, or 0.04 percent, to 1,215.65. The Nasdaq Composite lost 15.49 points, or 0.60 percent, to 2,572.50.
For the week, the Dow fell 2.9 percent, the S&P dropped 3.8 percent and the Nasdaq lost 4 percent.
The S&P failed to rise above 1,225 after a drop below it on Thursday triggered massive selling, and it is now strengthening as technical resistance. (commentary & photo courtesy of Reuters)
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I added four new positions to RSI based on the following buy signals:
- Buy 650 shares of AlerianMLP (AMLP); Stop $14.30
- Buy 170 shares of iPath S&P GSCI Crude Oil (OIL); Stop $18.87
- Buy 110 shares of iShares Barclays 20+ Year T-Bond (TLT); Stop $109.82
- Buy 88 shares of iPath S&P 500 VIX Short-Term Futures ETN (VXX); Stop $35.94
Note - these buy signals are based upon a –1.0R risk of $1,000 Scale your positions accordingly.
All these ETFs have good long-term weekly up trends and also look good intraday charts too.
Time is pressing so I won’t do much yakking on these four charts. In addition to good looking weekly charts these daily charts look pretty terrific too. There is a good diversify in this group although AMLP and OIL are fairly correlated.
Have a great weekend.
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