Our Market Outlook on Wednesday said: "Despite the overbought condition, recent technical & P is still bullish. If established in the past few weeks to break a major resistance level, the S & P or 4 months can be extended to the rising prices . "expected, as investors continue to believe that a strong recovery in the economy, Standard & Poor's continued rally.
On Monday the Dow Jones industrial average closed up 55 points to 11,787 points for the June 25, 2008 to a closing high. Standard & Poor's 500 Index rose 5 points to 1293 points, a record August 28, 2008 to a closing high. The Nasdaq Composite Index closed up 20 points to 2755 points, 6 November 2007 to a closing high, from October 31, 2007 hit a record high had been less than 4%.
Strikingly, the semiconductor sector by strong buying support, Philadelphia Semiconductor Index (Philadelphia Semiconductor Index) rose 2.7% to 3 so the new high. Applied Materials Inc (AMAT) and Altera Corp (ALTR) to 6-7% gain in the lead. In fact, is as shown below, after the end of the downward trend can stand on the $ 43 ALTR and test the 61.8% Fibonacci line. As we all know, since our earliest in the January 22, 2010 of the "swing traders bulletin board" to make recommendations since, ALTR has risen about 78%, and the form is still good.