Thursday, January 11, 2007

Bulls finally get to see “Happy” New Year!

Market is getting active after initial dull days in 2007. Investors regained confidence today, sending stocks higher after oil prices plunged and a drop in jobless claims. Dow rose 72.82 to 12,514.98; Nasdaq rose 25.52 to 2,484.85.

Weekly jobless claims fell 26,000, to 299,000 and that marked the lowest number of new claims in six months. It shows that fundamentals of economy are still strong.

Nasdaq blew through its six-year high of 2470! Volume was solid for both the Nasdaq and NYSE. Nasdaq had a beautiful bounce of support at its 50-day moving average (2421) last week. Now, it has support at 2460. May be this is the year Nasdaq will see a decent gain and finish above 3200, I hope so.

Hmm, once upon a time we were celebrating Nasdaq 5000. Now, we are hoping for 3200!

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