9:05am (EST)
This is getting good…
The bulls finally showed some resiliency after what has been a rough two weeks and were determined to end Thursday’s session with a higher close. Not only that, they also brought reinforcements as the rally showed strength into the closing bell.
Once again, the euro played a big role in Wall Street’s rally, and the bulls got all of the news they needed after China dismissed water cooler talk that the country was looking to unload its European bond holdings. Spain also got in the mix as it approved nearly $20 billion for austerity measures as the developments helped strengthen the euro.
As a result, the “Big 3″ gained 3% and left the bears on defense heading into today’s final round for the week.
The Dow banged out a whopping 285 point gain yesterday, or 2.9%, to finish at 10,258 while the Nasdaq soared 82 points, or 3.7%, to finish at 2,277.
We report on all the indexes and at different times each one leads the market higher of lower. We have been nailing our targets and yesterday we said we were watching 1,100 on the S&P 500.
After struggling with this level for much of the session, the index managed to “break on through to the other side” as it added 35 points, or 3.3%, to settle at 1,103.
We aren’t sure if this is good or bad but it may have saved the bulls for a week or two if we have popped back into a trading range. Attention…the bulls might have bought some time through the first week of June.
The bears clearly were holding all of the market’s momentum but that changed in a New York minute on Thursday. However, we still think the market is due for another curveball and a test to the downside could come even harder and faster than we have previously anticipated.
Tags: DJIA, euro, option signals, stock option picks, stock options trading
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on Friday, May 28th, 2010 at 8:10 AM and is filed under Company Commentary.
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Bulls Throw Kitchen Sink Back At Bears
9:05am (EST)
This is getting good…
The bulls finally showed some resiliency after what has been a rough two weeks and were determined to end Thursday’s session with a higher close. Not only that, they also brought reinforcements as the rally showed strength into the closing bell.
Once again, the euro played a big role in Wall Street’s rally, and the bulls got all of the news they needed after China dismissed water cooler talk that the country was looking to unload its European bond holdings. Spain also got in the mix as it approved nearly $20 billion for austerity measures as the developments helped strengthen the euro.
As a result, the “Big 3″ gained 3% and left the bears on defense heading into today’s final round for the week.
The Dow banged out a whopping 285 point gain yesterday, or 2.9%, to finish at 10,258 while the Nasdaq soared 82 points, or 3.7%, to finish at 2,277.
We report on all the indexes and at different times each one leads the market higher of lower. We have been nailing our targets and yesterday we said we were watching 1,100 on the S&P 500.
After struggling with this level for much of the session, the index managed to “break on through to the other side” as it added 35 points, or 3.3%, to settle at 1,103.
We aren’t sure if this is good or bad but it may have saved the bulls for a week or two if we have popped back into a trading range. Attention…the bulls might have bought some time through the first week of June.
The bears clearly were holding all of the market’s momentum but that changed in a New York minute on Thursday. However, we still think the market is due for another curveball and a test to the downside could come even harder and faster than we have previously anticipated.
Tags: DJIA, euro, option signals, stock option picks, stock options trading
This entry was posted on Friday, May 28th, 2010 at 8:10 AM and is filed under Company Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.