Sell-off runs into fourth day on Europe, U.S. debt worries – RSI portfolio flat November 21, 2011
Posted by Marlowe Cassetti in PPH.trackback
U.S. stocks fell for a fourth session on Monday, as the lack of progress in dealing with heavy debt both in the United States and Europe further sapped investor confidence in equities.
Risky assets like commodities also fell, sparking a sell-off in shares of industrials and energy companies. Volume was lower than average, with investors more inclined to sit on the sidelines amid the uncertainty.
Late on Monday, the co-chairs of a U.S. congressional "super committee" said they have failed to reach a deal on reducing federal government deficits
The Dow Jones industrial average .DJI slid 248.85 points, or 2.11 percent, to end at 11,547.31. The Standard & Poor’s 500 Index .SPX lost 22.67 points, or 1.86 percent, to finish at 1,192.98. The Nasdaq Composite Index .IXIC dropped 49.36 points, or 1.92 percent, to close at 2,523.14. (commentary & photo courtesy of Reuters)
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The RSI portfolio was dead flat today, a state which is quite preferable to to the –2% drubbing the market took today. Good % gains were turned in on VXX and ZROZ but they were offset by the 1.8% loss from PPH (Pharmaceutical HOLDRS). It is behaving badly, like the rest of the market with a 1.8% drop. I may have to sell it if PPH doesn’t progress better.
I’m concerned that the recent market weakness, going into the Thanksgiving holiday, may accelerate through next week. I’m assuming that market players want out before the holiday weekend, knowing that the rest of the world will still be trading without us. This process just might accelerate,
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No RSI buy signals today. Catch you later.
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