Will the NASDAQ lead us to the promised land?
1st May 2008
The DJIA spent the day taking back all the ground it lost after the FED meeting yesterday to close above 13,000 for the first time since the first week of trading in 2008. The S&P 500 closed above 1,400 for the first time in 4 months as well. While these indices made intermediate term highs on less volume than yesterday, the NASDAQ is trying to lead the stock market higher. It closed above its 200 day moving average for the first time since early in the year, and even did it with slightly more volume than yesterday. As we said a couple of weeks ago, we’d be more optimistic if there was a little more follow through on these rallies.
JD