Friday the DJIA closed at a 52 week high of 12949.87. Both the DJIA and the S&P 500 tried to make highs last seen in 2008 but small selloff prior to the three day weekend had them retreating slightly below the magic level.
Financial stocks which have lead this rally continued to do so on Friday. In order to get back over the four year highs, banks, insurance companies, and brokerage stocks will need to continue to move in a positive direction.
Not only are U.S. stocks having a good year, but the stock markets around the world are reacting in kind. Japan’s Nikkei which was pounded last year at this time by the earthquake and resulting Tsunami has rebounded to lead all foreign markets with a again of over 11% in less than seven weeks.
With the first quarter earnings season in the U.S. now coming to a close it appears the markets will now turn their attention to events in Europe. It sounds like a broken record for the past two years but it appears that when the markets have nothing to concentrate on they focus on the Greek debt situation.
How a country with the GDP of Indiana can continue to be the center of attention for all of Europe’s financial problems is hard to comprehend, but until the markets find a new bogeyman this appears to be the weekend news for the near future.
If we reach 13,000 is anybody guess, but opportunities will abound not matter where the market is heading.
Teaching students how to take advantage of opportunity in any market condition is what I specialize in doing.
To learn firsthand how I would trade the markets when they are breaking out to new highs speak to one of my representatives and sign up to work one-on-one with me here:
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As Always,
Keep those stops tight.
Todd “Bubba” Horwitz
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