Posted on 08/02/2010 7:43:28 AM PDT by blam
Stocks Surge After ISM, S&P Blasts Above Key Level
Joe Weisenthal
Aug. 2, 2010, 10:05 AM
The mood was already really great, but the just-out ISM has supercharged the rally.
All of the major indices are up around 1.5%, and for the technical watchers out there, the S&P has now blown above its 200-day moving average.
The decent ISM number is especially good news because Goldman had predicted a debacle, and because all the macro numbers have been weak, so this counts double.
Image: StockCharts.com
[snip]
(Excerpt) Read more at businessinsider.com ...
Per a read, “What a joke. the number was lower......new orders by 5.0%. Inventories up by 4.4% even with imports down 4.0%. Only a fool could drive the market higher on those numbers........of course there are only fools left in the market.”
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