Post-9/11 Milestone
Two major indices are logging important milestones as
they rally to fill gaps left following the Sept. 11 attacks. Both the
S&P 500 and the Nasdaq have closed the windows left once trading resumed
on Sept. 17 in powerful snap-back rallies that have exceeded key Fibonacci
retracement levels. The Dow has also come back strongly, but has yet to close
its gap.
The S&P 500 is up 15.81 at 1096.80, the Nasdaq is
up 72.97 at 1699.02, and the Dow is up 172 at 9413.
We are also in the midst’s of the quarterly earnings
season and the market is saying (at least for today), “It’s not as bad
we thought.” General Electric
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GE |
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being rewarded with a gain of 1.42 to 39.33.
Yahoo!
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YHOO |
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revenues, but the results were not as bad as feared and traders are giving it
more than the benefit of a doubt with a 14% gain.
Retailers were also encouraged by Costco’s
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mixed report. Although the warehouse club said income slumped, sales
rose nearly 5%. COST is up 6.6%.
The favorable response to Costco’s sales up-tick is
having a positive impact on a more influential stock, Dow component Home
Depot
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HD |
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Semiconductors
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10% gain as the market, and especially the Nasdaq, continues to accelerate
through the session.
Key stocks providing the power on the SOX index are
LSI Logic
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LSI |
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KLAC |
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+14%.