Stocks closed way off session lows on Thursday on news Greece agreed to a five-year austerity plan, but lingering economic uncertainty ultimately drove indexes mostly lower, keeping a downward trend in place.
The Nasdaq wiped out all its losses, ending the session higher and back in the black for the year.
The news out of Greece set the stage for a resolution to Athens' credit problems, which have hurt investor sentiment around the globe.
The Dow Jones industrial average .DJI dropped 59.67 points, or 0.49 percent, to 12,050.00 at the close. The Standard & Poor's 500 Index .SPX lost 3.64 points, or 0.28 percent, to 1,283.50. But the Nasdaq Composite Index .IXIC gained 17.56 points, or 0.66 percent, to 2,686.75. (commentary & photo courtesy of Reuters)
For most of today, the RSI portfolio was down big, but it followed the market and ended slightly down. It was a fraction of the potential loss. A good reason not to panic out.
After the market closed RSI issued a buy signal:
Yes, I know this fund is a mouthful, but I urge you to investigate this pick. Although it is twice leveraged it has low volatility. Unfortunately it is thinly traded, so one has to use care in buying and selling this fund. On the plus side is that it pays a quarterly distribution that is about a 9% annual yield.
MLPL has been recovering from its recent correction. I expect it will move forward to its upper (green) trendline. I would buy this on any sign of strength. Maybe tomorrow? Hey, what can be better than Infrastructure and high yield?
Have a good evening.