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 ...
Gotta get people back into the market before they crash it again.
NOT EVEN CLOSE
“Najarian believes the market is rallying “on hope” “
BWAHAHAAHHAHAHA
Nope, rope a dope ...
The worst won’t be behind us until Jan 20, 2013 12:00 noon - at the earliest.
This just in:
The New Flying Pig Species has made its first appearance in the frozen over wasteland of hell.
>>>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.
Sure they are surging - Obama is leaving the country for a little bit.
Yep, use the fools 401(k) and fake another rally.
If we get back to 10,000, I’m out.
Headline, meet tagline.
Stocks will plummet the first time he opens his mouth overseas.
Correction: Stocks surge again on fear that bond contracts will no longer be honored in obama’s post-contract United States.
Good luck with that.
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.
This is what....the 5th recovery in 2 months?
Pretty funny stuff going on in the markets.
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.
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.
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