RtS,
<<also manages to close at a new 52 week high above 2000 soon.>>
Well we did it - close above 2000 that is - the last hour was really a "barn burner". Not only did we close above 2000 - it was a "piece of cake". Everyone is busy trying to "get on board" before "liftoff" during the first week or two of January before the bulk of the new investment funds come into the market. Actually, I think some of the new money started "trickling" into the market today. It will only get larger as we get closer to the New Year and on into the first weeks of January.
I have read many notes, articles, whatever, the past few weeks about how the market is going to respond to the oncoming new year. Some of the input has been quite negative, saying their will be little or no "January effect" this time. I sure liked the action today - particularly the last hour - I vote for a good 2 to 3 weeks going forward.
the SOX had a good day today - up almost 12 points, or 2.4 percent. As pointed out in the post of yesterday,
Message 19633785
The Group, SOX and NASDAQ have done very little since the "local" high on 9/8 this year. Today was a good day for all three indices including the new yearly closing high for the NASDAQ.
As always, the market will do what it is going to do, but it looked to me like a good 2 to 3 weeks going forward is a very likely scenario.
FWIW,
Don |
