Was Tue. a one day wonder?? "Not...
likely. Unlike the strong up day we had exactly two weeks ago [false start], today had enough power to project follow through higher despite the normal short term bickering that is bound to occur before the market gets there.
First target is 7,500 Dow, give or take a few. 750 SnP
It's a start. Plenty of individual stocks and ETFs will do better.
That little Dow 380 point rally today was the Dow equivalent of:
468 Dow pts in NASDAQ gain
417 Dow points in Snp gain
533 Dow points in FXI gain [reasonably close to 537 Dow points by the way].
1728 Dow points equivalent on MS
1300 Dow equivalent points up on GE.
That 417 SnP Dow equivalent gain is equal to almost 870 Dow points when the Dow when it was 14,000.
A very rare % move for one day.
10 stocks up for every one down on the NYSE and
on NASDAQ up vol was 20 X down volume.
Hope this helped some of you even a tiny bit:
Sat night 2:00 AM.....[I let C.R. know Sunday...the rest Monday]
Expect:
"537 Dow pt. up
not sure 537 will be Wed or Thu."
Sure....537 up was almost impossible to achieve but I did it to make a point about how strong I felt.
I expected REALLY STRONG UP and time wise, no more than a few days...not weeks or months.
That call was very specific as to both time and degree of price move.
I read a lot over the weekend and no one else was even remotely talking about the kind of gain we had today, let alone, that very precise time line.
In fact, most went into the weekend glum and bearish. [a few converted to generalized bulls For 24 hours. Sunday.
Monday they were bears again]"
Fabian
