Now That’s a Bounce!
11th March 2008
The DJIA was up over 400 points today, 200 of those right from the start. The 3 1/2% gain was the largest percentage daily increase in 5 years. The S&P 500 was up slightly more, and the embattled Small Caps represented by the Russell 2000 were up over 4 1/2%.The FED announced that it was going to add considerable liquidity to the financial markets. Apparently they liked what they heard. We will see if we can bust through resistance at 12,200 for the DJIA and 1325 for the S&P 500 tomorrow…or if this just provides another opportunity to sell.
- JD