U.S. stock markets ended higher on Friday on hopes that politicians would find common ground to steer clear of the "fiscal cliff" that would hurt the U.S. economy, while escalating tensions in the Middle East boosted oil prices.
But shares on major markets still posted a second consecutive weekly loss as the collective worry about the U.S. government's fiscal problems and weak global economic growth weighed on sentiment.
For the week, the S&P was down 1.5 percent, its second week in a row in the negative. The Dow lost 1.8 percent, down for the fourth straight week, while the Nasdaq was lower for the sixth week, also off 1.8 percent. (commentary & photo courtesy of Reuters)
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For the RSI portfolio our position in TUR was stopped out. Our stops may have been a bit too tight, and we could reenter this position on favorable technicals.
Speaking of technicals, Apple is looking terrible, which is very troubling. It fell –3.54% this past week. It is troubling since this is such a widely held position in many institutional portfolios. As AAPL falls further, it just might trigger a cascading of selling. Then it is look out below. The chart of AAPL shows its price erosion since September and money flow out of the stock. Apple is a great company with leading technology, but the stock price reflects a lack in investor enthusiasm. Where all this ends, I just don’t know.
Have a great weekend.
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