DOW 9000!
Jul 24, 2009
Posted by Jody Eisenman | Filed under Uncategorized
In a rather startling 12 day rally, the DJIA has gone from 8163 to close over 9000 yesterday. The NASDAQ 100 has moved higher for 12 consecutive days, which is something we have not seen in 17 years. As I have previously mentioned, http://www.jodyeisenman.com/2009/07/17/dr-doom-and-the-markets/ the 950 level on the S & P was a key resistance number for technical traders. It flew through it yesterday to close at 975. While technical analysis is not infallible, it seems to me that there is not much resistance until S & P 1100 or so. Of course, this doesn’t guarantee the market will go higher here, but it certainly looks much different than it did earlier this month (not to mention earlier this year!).
Here is a link to a one year chart:
In further good news, it was announced this morning that California legislators have agreed to a budget agreement, thus saving the state from an immediate default. The fact that Obama’s health care plan has been stalled is also being taken as a positive, as it is believed that this bill could be very expensive to implement.
