Stocks fell on Wednesday as traders, after sitting on their hands for most of the day, jumped to sell in a hair-trigger reaction to fresh reports underscoring that Europe remains far from a solution to its debt crisis.
In a repeat of a now-familiar pattern, traders capitalized on headlines emerging late in the trading day, this time to push the market lower. With long-term investors largely on the sideline due to Europe's uncertainty, the market remains susceptible to swift swings.
The Dow Jones industrial average .DJI was down 75.49 points, or 0.65 percent, at 11,501.56. The Standard & Poor's 500 Index .SPX was down 15.63 points, or 1.28 percent, at 1,209.75. The Nasdaq Composite Index .IXIC was down 54.41 points, or 2.05 percent, at 2,603.02. (commentary & photo courtesy of Reuters)
RSI has a new buy recommendation:
- Buy 122 shares ProShares UltraShort Yen (YCS); Volatility = 7.97%
Since this an UltraShort fund it is leveraged against the rise in the Japanese Yen currency. This fund has been in a long term downtrend. This could be a reversal of the downtrend. If so, there may be a good opportunity. I will be looking closely at this opportunity.
Have a good day. I'll catch you later.
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