9:00am (EST)
We feel like Smokey and the Bandit this morning. We’ve got a long way to go and a short time to get there…
We have so much to cover and talk about today but we only have 30 minutes before the opening bell rings and we are excited!
We got a ton of great news yesterday, not only in the market, but in specific stocks that made explosive moves. Thursday’s rally had to be frustrating for the bears after throwing the kitchen sink at the bulls on Tuesday.
M&A (merger and acquisition) continues to be hot, earnings are scorching, and the economy is recovering faster than anyone could have imagined. The market is always looking forward and we have been telling you that the talking heads and analysts have been wrong in calling for a correction. However, we are getting close to our own targets (see Sunday’s Weekly Wrap) we have for the indexes but until we get there or this market breaks below support then we remain bullish.
Yes, we got a major pullback on Tuesday, but it was on news that the market might already be factoring in. The world knows Greece is in trouble but is getting rescued. Portugal, Spain and Ireland will survive as well.
The bulls used a little of all the above yesterday and pushed the Dow higher by 123 points, or 1.1%, as the index closed at 11,167. The Dow moved back above its 10-day moving average and is only about 40 points off from Monday’s 52-week closing high of 11,205.
The S&P 500 surged 15 points, or 1.3%, closing at 1,206 and 11 points away from its 2010 high of 1,217. Meanwhile, the Nasdaq zoomed 40 points, or 1.6%, to finish at 2,511.
Of course, the biggest news from yesterday was the Dendreon (DNDN, $50.18, up $10.56) story. Folks, the world has a cancer drug and this was HUGE news. The company’s drug, Provenge, was finally approved by the FDA and we have waited three years to hear the word “yes”.
Shares surged 25% yesterday but we think the stock has more room to run.
As we head to press, Dow futures are up 7 points to 11,142 while the S&P 500 futures are showing a half point pop and stand at 1,206. Nasdaq 100 futures are higher by 2 to 2,043.
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