THE REAL ECONOMIST: DOW ALERT AFTER MONDAY'S 100 POINT RALLY

Monday, July 20, 2009

DOW ALERT AFTER MONDAY'S 100 POINT RALLY

* DOW 9000 IS A MAJOR RESISTANCE LEVEL
Astoria, New York
A powerful 7 percent rally last week has been met by another 100 point rally today. The Dow is now at 150 points shy of Dow 9000 territory. If last week, there was a sustained rally for financials, Monday was a negative day ,though, for them. The broader market continued to rally on good earnings reports and CIT's survival package. As a real economist and not a fake one, I see major resistance near Dow 9000. The markets continue to trade in 8000 to 9000 range and after testing Dow 8000 territory in early July, earnings reports coupled with better recovery prospects have launched the markets towards 2009's peak levels set in June at the end of the Spring Fling rally. There is a flip of the coin 50 percent chance that the Dow could hit or break 9000 in the next two weeks.

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THE REAL ECONOMIST

Monday, July 20, 2009

DOW ALERT AFTER MONDAY'S 100 POINT RALLY

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