9:00am (EST)
The bears were going into Thursday’s session with a slight lead for the week on the Dow but the bulls had a grip on the S&P and Nasdaq. Afterwards, they had a firm hold on all three major indexes.
The Dow hit a low of 12,537 yesterday before finishing with a gain of 65 points to close at 12,695. The blue-chips reached a high of 12,718 which was nearly a 200-point swing for the session but remained short of our 12,800 target. There is a chance 13,000 comes into play next week if we close above this level today.
The S&P also had an impressive rebound after gaining 6 points to settle at 1,348. The index kissed 1,351 but finished just shy of this level. Once cleared on a close, the bulls have a good shot at making a run to 1,375 again with 1,400 on the radar.
The Nasdaq jumped 18 points and closed at 2,863 after looking at 2,819 in the morning. The bears threw everything but the kitchen sink at the bulls and maybe they should have. The index held our 2,800 downside target on Wednesday and Thursday which were good signs. The close above 2,850 was a bonus package.
What more can you say about Tech? It takes more hits than kids at a Cypress Hill concert, including Cisco’s Systems (CSCO, $16.93, down $0.85) 5% plunge, and is still rocking. The index led the way higher yesterday and is on a mission to take out 3,000.
Futures are pointing towards a flat to slightly higher open. Dow futures are up 8 points, the S&P futures are up 2 points while the Nasdaq futures are lower by a point. We have a lot to cover in our Members Area this morning so let’s get to it. Subscribers, check for the updates.
]]>