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Stocks Surge Again on Hope the Worst Is Behind Us
yahoo ^ | Posted Jun 01, 2009 10:36am EDT by | Aaron Task

Posted on 06/01/2009 10:52:26 AM PDT by BenLurkin

Stocks soared Monday morning, continuing the powerful rally off the March lows. The advance is likely to continue and take the S&P as high as 1100 by year-end, says Jon Najarian, co-founder of OptionMonster.com. Such a move would translate to a Dow above 10,000 - and probably well above after Monday's removal of GM and Citigroup and insertion of Cisco and Travelers into the price-weighted index.

In addition to technical factors such as the changes to the Dow and the S&P having eclipsed its 200-day moving average on Friday, stocks were rallying as continued upward momentum has investors previously on the sidelines scrambling to get long.

More fundamentally, the market is responding to a series of better-than-expected economic reports, including U.S. construction spending, the ISM manufacturing index, and purchasing managers surveys in China and Europe.

But rather than fundamentals, Najarian believes the market is rallying "on hope" and says rising oil prices represents the greatest near-term threat to any nascent recovery. Friday's jobs report is also a potential obstacle to further gains, he says.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy
KEYWORDS: afoolandhismoney; economy
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1 posted on 06/01/2009 10:52:26 AM PDT by BenLurkin
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To: BenLurkin

Gotta get people back into the market before they crash it again.


2 posted on 06/01/2009 10:53:34 AM PDT by BGHater (It's easy to be a Conservative now.)
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To: BenLurkin

NOT EVEN CLOSE


3 posted on 06/01/2009 10:54:33 AM PDT by peace with honor
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To: BenLurkin

“Najarian believes the market is rallying “on hope” “

BWAHAHAAHHAHAHA


4 posted on 06/01/2009 10:54:50 AM PDT by blackminorca
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To: peace with honor

Nope, rope a dope ...


5 posted on 06/01/2009 10:55:14 AM PDT by Tarpon (You abolish your responsibilities, you surrender your rights.)
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To: BenLurkin

The worst won’t be behind us until Jan 20, 2013 12:00 noon - at the earliest.


6 posted on 06/01/2009 10:56:14 AM PDT by The Sons of Liberty (FUBO - Don't Tread on Me!)
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To: BenLurkin

This just in:

The New Flying Pig Species has made its first appearance in the frozen over wasteland of hell.


7 posted on 06/01/2009 10:56:15 AM PDT by I Hate Obama (Laws are like sausages, it is better not to see them being made- Otto Von Bismarck)
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To: BenLurkin

>>>Hope the worst is behind us.

I hear people all the time talking about recovery this or recovery that, but they NEVER identify what exactly will be the catalyst for economic recovery, other than blabbing about hope and change.


8 posted on 06/01/2009 10:56:54 AM PDT by TheDailyChange (Politics,Conservatism,Liberalism)
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To: BenLurkin

Sure they are surging - Obama is leaving the country for a little bit.


9 posted on 06/01/2009 10:57:02 AM PDT by 3catsanadog (I plan to give the new President the same respect and dignity the other side gave Bush.)
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To: BenLurkin

Yep, use the fools 401(k) and fake another rally.


10 posted on 06/01/2009 10:57:36 AM PDT by jveritas (God Bless our brave troops)
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To: I Hate Obama

If we get back to 10,000, I’m out.


11 posted on 06/01/2009 10:57:41 AM PDT by Eric in the Ozarks
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To: BenLurkin

Headline, meet tagline.


12 posted on 06/01/2009 10:58:12 AM PDT by Huck ("He that lives on hope will die fasting"- Ben Franklin, Poor Richard's Almanac)
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To: 3catsanadog

Stocks will plummet the first time he opens his mouth overseas.


13 posted on 06/01/2009 10:59:22 AM PDT by Protect the Bill of Rights
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To: BenLurkin

Correction: Stocks surge again on fear that bond contracts will no longer be honored in obama’s post-contract United States.


14 posted on 06/01/2009 11:00:32 AM PDT by TurtleUp (So this is how liberty dies - to thunderous applause!)
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To: BenLurkin
Stocks Surge Again on Hope the Worst Is Behind Us

Good luck with that.

15 posted on 06/01/2009 11:01:37 AM PDT by E. Pluribus Unum (Islam is a religion of peace, and Muslims reserve the right to kill anyone who says otherwise.)
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To: BenLurkin

Stock market soars on hope, promises, and change, but not on anything real. Up it will go until the gravity of reality brings it back down.


16 posted on 06/01/2009 11:05:08 AM PDT by pallis
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To: BenLurkin

This is what....the 5th recovery in 2 months?


17 posted on 06/01/2009 11:05:34 AM PDT by Red in Blue PA (http://ccwsaveslives.blogspot.com/)
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To: BenLurkin

Pretty funny stuff going on in the markets.


18 posted on 06/01/2009 11:05:37 AM PDT by TheWasteLand
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To: TheWasteLand

This is the result of GM and Chrysler being taken out of the DOW JONES.

When do the employment figures come out? Should be soon, will probably be bad. They gotta prop up the market before the bad news hits.


19 posted on 06/01/2009 11:09:03 AM PDT by Reagan69 (No Representation without Taxation !)
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To: Reagan69

Hell, a NEGATIVE 600K per week isn’t bad. Maybe the figure will “improve” to a NEGATIVE 500K this week.

This market is due to drop. More are unemployed. Spending and factory orders are bound to decrease. Don’t forget the skyrocketing gas prices since Mr. Boss Man took over.

Let the good times roll.


20 posted on 06/01/2009 11:14:17 AM PDT by gathersnomoss (General George Patton had it right.)
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