Today was the biggest one-day move in the DOW since December 1st. For those of us wondering if we would see some follow-through to the downside, it didn't happen.
The market romped today. No other way to say it.
Technically, we are still in the monthly strength window (the first four trading days of the month).
But, the reason du jour from Yahoo Finance is lower oil prices and better employment data. Initial jobless claims for the week ended February 26 totaled 368,000, which is less than the 400,000 that had been expected, on average, among economists polled by Briefing.com. There was also some stuff in there about the ISM number and Gaddafi accepting some peace plan from Hugo Chavez.
Seems kind of like a wishy-washy reason du jour for the most part. I'll give credit to Norm Fosback and the monthly-strength thing.
Hope you made a bunch today. Lots of green everywhere.
Thursday, March 03, 2011
Big Monster Huge Stock Market Day
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