The S&P 500 closed at a five-month high for the third day on Thursday but had difficulty extending gains in the face of lackluster economic data and another European bond market test.
The Dow Jones industrial average .DJI gained 21.57 points, or 0.17 percent, to 12,471.02. The Standard & Poor's 500 Index .SPX added 3.02 points, or 0.23 percent, to 1,295.50. The Nasdaq Composite Index .IXIC rose 13.94 points, or 0.51 percent, to 2,724.70.
In its fourth day of gains, the S&P 500 has risen 1.4 percent, but it's added only 0.3 percent since Tuesday as investors look for more convincing evidence of an improving U.S. economy, solid corporate earnings and progress toward resolving the euro zone's debt crisis. "The divergence of opinions on where this market is going is balancing us out and we are sort of stuck." Analysts also pointed to technical resistance near the 1,300 level. (commentary & photo courtesy of Reuters)
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It is beginning to appear that RSI is leaning more in the risk-on direction. Look at RSI’s latest pick:
- Buy 60 shares ProShares Ultra QQQ (QLD); Stop = -$16.58 Target = +$49.75 Volatility = 7.45%
Yes, this is a 2X leveraged fund, so it is high volatility. It is recovering nicely and may be headed higher. Because of its volatility, do be careful with this one.
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