Skip to comments.Dow ends above 11,000 for first time in 18 months
Posted on 04/12/2010 2:02:15 PM PDT by NormsRevenge
NEW YORK The Dow Jones industrial average has closed above 11,000 for the first time in a year and a half on investors' rising hopes about the economy.
The Dow edged up about 9 points Monday to almost 11,006. The Standard & Poor's 500 index came within a point of hitting its own milestone of 1,200 during trading but closed just short of that mark.
A loan agreement for Greece allowed U.S. investors to focus on domestic economic and corporate news, including announcements of two big deals.
European leaders agreed over the weekend to make loans available to Greece to help the country lower its public debt burden. The 16 countries that use the euro agreed to provide $40.5 billion in loans to Greece if needed. The International Monetary Fund could contribute another $13.5 billion.
(Excerpt) Read more at news.yahoo.com ...
Party on, Garth!
I would think they are using futures near the close. It is so being manipulated. Light volume with little up 20 point days or much less than 1% up and maybe a little pull back day.
A lot liket he late summer of 2008 probably went through Chicago with the CBOE and CME which I think does futures and credit default swaps. All manipulated.
Yep. No way does this sustained upward-moving market reflect any underlying reality. It’s a house of cards built on a foundation of hot air. It’s going to come down and come down hard.
I went to Yahoo finance a few minutes ago. I saw the Dow was going to close negative at just before 4 pm and someone came in at almost the last second and bought. The market closed up +8.62 on the Dow.
I wish I had a bloomberg terminal to see where that last second buying came from. My guess us the PPT in the futures markets. Huge volume surge too. Have to have been almost at 3:55 pm or so.
Yep, I guessed wrong. As much as I guessed right by pulling 100% out of the market in December 2006, saving me a huge haircut on the way down, I guessed wrong in March 2009 when Obama telegraphed that the government would be manipulating the market to pump it up.
I always underestimate the ability of a corrupt government to manipulate markets in the short term.
The DOW belongs under 8000 and it is going back there in time. The fundamentals suck. As long as the government is going to manipulate things and prop up the market, anybody smart/lucky enough to ride the rally is making a killing. Congratulations on that.
I also underestimated the governments ability to force positive GDP numbers to be able to say the recession is over. Even with pathetic business growth, horrible fundamentals, unavailable credit, contining foreclosures, bank losses and closings, etc.
Note: I won’t touch unemployment as an indicator since it lags so badly behind growth, it tells you nothing about when the economy has turned.
I believe it. you will see alot of evidence in low volume days where no good reason exits for positive movement. It is very easy to control if you have billions of dollars freshly printed to do this.You just say you buy higher than everyone else. No body knows. Stock goes up. then buy some more — even higher. Seller would be an idiot not to sell . It should be restricted by law but it is not. The Fed actually is buying most of t-bills that are auctioned!! China is out. The largest foreign buyer is JAPAN!!! RIGHT!!! you can’t make that up.
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