Thursday, August 27, 2009

Eight Straight for Dow; Is Resistance Futile?

The Dow Jones Industrial Average bounced back from morning setbacks to finish with its eighth consecutive session on the upside. Other indices followed suit, most of them now have been up 7 of the past eight trading days.

A fair showing in new unemployment claims - down about 10,000 from the prior week - and reiteration of 2nd quarter GDP estimates of -1% were not enough to compel investors into more buying in the initial going. But after settling down about 60 points, the Dow and other indices eventually made their ways back to the positive by early afternoon and ended the day with modest gains.

Dow 9,580.63, +37.11 (0.39%)
NASDAQ 2,027.73, +3.30 (0.16%)
S&P 500 1,030.98, +2.86 (0.28%)
NYSE Composite 6,722.31, +34.37 (0.51%)

Winners and losers ended the session in a virtual dead heat, with 3171 up and 3175 stocks down. New highs beat new lows again, 147-43, maintaining the kind of advantage that has been typical during the recent run-up. Volume was slightly better than previous sessions this week, though barely noticeable.

NYSE Volume 1,285,654,000
NASDAQ Volume 2,157,144,000

Commodities mostly reverse their two-day losing trend, with oil up $1.06, to $72.49 and gold ahead by $1.50, to $947.30. Silver, however, was set back 4 cents, closing at $14.25.

With a paucity of news upon which to trade, many brokers were mailing it in this week, so as seems to be the current custom, adios, until tomorrow.

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