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Valentine's Day Rally Validates Upsurge
Posted on 09/25/2006 16:38:54 | Link | Post Comment
0920 EST Wednesday February 15 2006
Good Morning: Following one final low end test, the Equity Indices wasted no time moving sharply higher on Valentine's Day in a love fest stampede of buying on Wall Street, endorsing our view of the past several days that Equity Markets were gearing up for something big. The big move came in with 136 point plus move for the Dow Jones Industrials and cut through the 11,000 barrier exactly as we expected: Like a knife through butter. So today, we expect some consolidation and possible retest near the 11,000 breakout level, but in all likelihood we should continue higher into week's end and probably month's end also into mid-March at least with an objective of new all time record highs for the Dow Jones Industrials to be exceeded sometime in the coming months. As we reported a few days ago, the Banking Index was notably strong, a very encouraging development ahead of Dr Bernanke's testimonial debut today before the United States Congress.
Trade Well
From the Desk of Savant
Good Morning: Following one final low end test, the Equity Indices wasted no time moving sharply higher on Valentine's Day in a love fest stampede of buying on Wall Street, endorsing our view of the past several days that Equity Markets were gearing up for something big. The big move came in with 136 point plus move for the Dow Jones Industrials and cut through the 11,000 barrier exactly as we expected: Like a knife through butter. So today, we expect some consolidation and possible retest near the 11,000 breakout level, but in all likelihood we should continue higher into week's end and probably month's end also into mid-March at least with an objective of new all time record highs for the Dow Jones Industrials to be exceeded sometime in the coming months. As we reported a few days ago, the Banking Index was notably strong, a very encouraging development ahead of Dr Bernanke's testimonial debut today before the United States Congress.
Trade Well
From the Desk of Savant
- The Ultimate Gold Hedge
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- Gold Soars As Wall Street Falters
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