The Labor Department said Thursday that claims for unemployment benefits rose unexpectedly last week. And the Federal Reserve of Philadelphia said manufacturing activity in the mid-Atlantic region has dropped during August.
The Dow Jones industrial average fell 144, or 1.4 percent, to 10,271. The Standard & Poor’s 500 index fell 18, or 1.7, to 1,075. The Nasdaq composite index fell l36, or 1.7 percent, to 2,178.
A good day in the portfolio today. With as much overall selling we had in the broader markets our stocks held up and show great strength going forward. We are still basically holding an “oversold” position in the short-term, so most of our stocks are long at this time. We believe today’s selling could have shaken out most of the weak hands. By no means are we advocating a huge upcoming rally, but if we can get a nice day tomorrow we can really capitalize on some of our positions. It’s all about the swing trade.
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Disclosure: No positions