Wall Street ends weak quarter with a bang

Stocks surged on Friday to close out a sour quarter on a high note as investors cheered an agreement by European leaders to stabilize the region's banks, a pact that helped remove some of the uncertainty that has plagued markets.

The broad rally was the S&P 500's best day since December 20 and helped the benchmark index trim its quarterly loss to 3.3 percent.

The decline marked the S&P 500's first down quarter in the last three after tumultuous Greek elections and concerns about the solvency of Spanish banks roiled financial markets around the world.

For the week, the Dow gained 1.9 percent, the S&P 500 rose 2 percent and the Nasdaq advanced 1.5 percent. For the month of June, the Dow rose 3.9 percent, the S&P climbed 4 percent and the Nasdaq added 3.8 percent. But for the second quarter, the Dow fell 2.5 percent, the S&P 500 lost 3.3 percent and the Nasdaq dropped 5.1 percent. (commentary & photo courtesy of Reuters)

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For the record, the RSI portfolio gained a bit less than 1% this quarter, unlike the performance mentioned above. The RSI portfolio bounced around this past week. As soon as we entered a position in SPDR Barclays Capital Convertible Securities ETF (CWB), it hit its stop loss level and we took a –1R loss. Otherwise it would have been a good position and we may chose to try it again.

Due to the US celebration of Independence Day on the 4th of July, the market will be closed one half day on Tuesday and all day Wednesday. There is an anticipation the next week will be a low volume week. Unless Europe pulls a surprise. Remember Black Swans do happen.