|
Written by David Rosenberg - Gluskin Sheff
|
|
Thursday, 15 October 2009 07:50 |
MARKET WRAPUP
The Dow closed above the 10,000 market for the first time in a year, October 3, 2008 was the last time the Dow was at 10,000. The media are certainly going to town on this news but it is, in fact, old news; it's only the 26th time the Dow has managed to cross this milestone.
Much was made over the Intel beat but INTC was up 0.34 cents to $20.83 (1.66%), so that was hardly the lone catalyst.
This still seems to be a purely technically driven market, though excitement continues to build over a company's ability to surpass low-balled expectations on earnings and revenues. This next up-leg may be the last gasp, but the strength could carry it to the 1,098 gap or the 1,121 50% Fibonacci retracement (that's 3% more).
U.S. RETAIL SALES CAME IN BETTER THAN EXPECTED
....read more HERE.
|
