Stocks closed out their worst week in more than two years on Friday in a volatile session that saw the major indexes whip back and forth before the S&P 500 ended down less than a point.
More than 15.9 billion shares -- or more than twice the daily average volume -- traded in the busiest day in more than a year as investors plowed into cash-rich mega-cap stocks that had been beaten down in recent days as the market dropped.
The market's swings on Friday were fast and furious, with the Dow Jones industrial average covering 416.41 points from its session high to its intraday low.
The intense selling this week reflects frustration with sluggish economic growth and politicians' inability to address pressing concerns over high public debt in Europe and the United States.
The Dow Jones industrial average rose 60.93 points, or 0.54 percent, to end at 11,444.61. But the Standard & Poor's 500 Index edged down just 0.69 of a point, or 0.06 percent, to finish at 1,199.38. The Nasdaq Composite Index slipped 23.98 points, or 0.94 percent, to close at 2,532.41. (commentary & photo courtesy of Reuters)
Today’s wild ride took out the stops on EWT, GDX and UNG. They represent Taiwan, Gold miners and Natural Gas respectively. This now brings only three holdings in the RSI portfolio; AGQ, IJS and DBB. This represents Ultra Silver, Small Cap Value and Base Metals respectively. I should add this market tumble and stop loss hits has fattened cash reserves to 83% … that is huge.
After the market closed there were no RSI buy signals. It is time for a rest. Have a great weekend.