this wk rally doesn't even close to ONE day in last year. it took 3 days this wk to rise 400pts. On May 10, 2010, Dow rallied 400pts in ONE day. Yes, ONE day. And guess what, it was after Greek bailout no.1 announcement. After 3 days, market crashed again. And oh yes, QE1 was over that time and ISM was above 60 ;)
btw, ISM was bloated by inventory built up. The more important New Orders only improved by mere 0.6 while leading indicator order backlogs shrank.
take a look at this interesting correlation http://www.zerohedge.com/article/ism-new-orders-less-inventories-decoupling-hits-unprecedented-levels-implies-sub-45-ism-comp
I don't really pay attention to what that guy said but the chart says it all.
this wk rally doesn't even close to ONE day in last year. it...
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Last
7,889.6 |
Change
72.800(0.93%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,816.8 | 7,902.6 | 7,816.8 |
| XJO (ASX) Chart |