Saturday, February 05, 2005

Friday's Action

[BRIEFING.COM] Stocks were slow out of the gate, in the wake of lackluster employment data, mixed earnings reports and disappointing guidance, but gained substantial ground throughout the session as the major indices closed higher for the second straight week.. The Dow, S&P and Nasdaq had their best showing so far this year, as strong mutual fund inflows helped keep a firmly bullish bias intact and virtually every sector in positive territory...
It is always exciting when Dell reports earnings--they are up to bat this coming week. The market looks like its pushing higher and buyers are stepping in--Friday's volume looked good, both the Dow and the S&P 500 closed above their 50 DMA, and the S&P 600 hit a new high. Don't forget that small caps are typically the first ones to lead us out of a correction. They are the first ones to go, as an old colleague of mine used to say. Prepare your watchlist, guys, and keep an eye for breakouts on decent volume. Have a good weekend; us New Yorkers will be taking advantage of this 52 degree weather

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