Nasdaq & S&P went for another record close for this year...while S&P was @ an all time HIGH close.
Dow closed down 5 points.
Nice to see follow thru in S&P with second closing HIGH.
S&P 400 & Russell 2000 also closed @ an all time HIGH.
New 52 week High vs Low was very strong on both NYSE & Nasdaq.....here is the number:
.........................NYSE..........Nasdaq
New High.............. 367...............192
New Low................ 17................26
New High Ratio........21 to 1.........7 to 1
This is a very powerful ratio when index barely went green.
From the above New 52 week High lead...it is fair to conclude that this BULL market is very broad based.
AH quick summary:
DELL earning report is taken as bullish as top line growth was stronger than consensus UP $2+.
OVTI was UP $2+ beats on top & bottom line........Guidance better than consensus.
We have Jobs report tommorrow 8.30 AM...it will show STRENGTH in economy...so another BLOW to recession theorist.
Look for a strong day in markets for friday.
This is a BULL market which is being recognized by fundamental strategist like Abby Joseph Cohen who is predicting 14,000 on Dow by year end & 1600 on S&P.
These analyst are trend follower...so she will revise her estimates UP by sep/oct.
Good luck on friday trades.
BLOG does not give buy or sell.
Saleem
No comments:
Post a Comment