To: Gottfried who wrote (1357 ) 12/5/2001 5:19:19 PM From: Return to Sender Read Replies (1) | Respond to Close Dow +220.45 at 10114.29, S&P +25.55 at 1170.35, Nasdaq +83.74 at 2046.84: It was a milestone day of sorts for the market with the Nasdaq pushing above the 2000 level for the first time since Aug while the Dow last topped the 10,000 barrier in early Sep. Both averages were able to build on the break of these levels as an impressive array of sectors posted hefty gains. The tech sector, which has provided much of the leadership during the recovery rally, once again paced the way on the upside (semiconductor +7.6%, networking +6.5%, software +6%, computer-hardware +4.9%). Favorable comments on some big names techs also boosted: SUNW +6% (Goldman Sachs sees improving business in US); INTC +5.3% (CSFB expects guidance to or above expectations tomorrow); CSCO +4.9% (CSFB ups price target and EPS estimate); ORCL +11.4% (CEO provides bullish outlook). These developments/comments would not necessarily been enough to drive the market aggressively higher but in conjunction with the underlying bullish momentum, stronger NAPM Services data, favorable seasonals and money flows into stocks (Treasuries crushed) it was more than amble. Not all the positive news was limited to the tech sectors and this broadening helped underpinned the entire market. Other groups on the rise included: auto parts (AZO +18.8% EPS surprise); steel (positive comments from Goldman Sachs, upgrades from Salomon); homebuilding (CTX +7.7% positive guidance, industry purchase refi's number higher); oil (Russia agrees to cut exports). This all led to very bullish market internal readings throughout the day. The Dow was stymied in late trade by its 200 day moving average (10143), like the Nasdaq Composite was in late Nov, but this is expected to be a short lived barrier.DJTA +3%, DJUA +0.4%, DOT +4.7%, Russell 2000 +2.4%, SOX +7.6%, XOI +1.95, NYSE Adv/Dec 2070/1101, Nasdaq Adv/Dec 2415/1271finance.yahoo.com Gottfried, I would say that we could hug that upper Bollinger Band for a long time too. Thing is we don't have any real strong evidence of an actual recovery yet. This rally is the real deal if you ask me. The SOX may trip up at 600 to 603 but more likely we travel all the way to 650 again without too much trouble.
