Sunday, November 02, 2008

Can Dow Get Over 10K This Week?

Top Line: We are troubled by the market's lack of power the last few trading days. It needs to get on its horse and run a little.

Yes, we have moved up 15% from the lows so maybe we're just looking over our shoulder. The stock market needs to break out above its highs set a couple of weeks ago. You probably recall the near 1000 point rally on the 13th of October followed the next day by a huge opening which got sold later in the day. That was a powerful move and now we need to break above those prices in order to get above 10K which is where we need to go.

The Update thinks the 10K mountain can be attained in the next few days but we do need some power to get there. So far, we don't see that power. However, the Asian markets are strong this evening, even though Japan is not trading. Hong Kong is up 5% setting the US up for a good Monday morning trade. We'll see if we can get through the night without a down tick...

We are going to leave you with another Gretchen Morgenson article (NY Times). We don't think it's much news to our readers but here it is. Back tomorrow...

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