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Article: FirstAlert[tm] 5/1: Market Rally Unabated.
- Article from:
- Investrend
- Article date:
- May 1, 2009
CopyrightCOPYRIGHT 2009 COMTEX News Network, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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May 01, 2009 (FinancialWire via COMTEX) -- May 1, 2009 (FinancialWire) (By Frank Kollar) -- The S&P 500 Index (SPX) continues to rally but is past due for profit-taking. Thursday's reversal from a substantial gain to a fractional loss placed the SPX right below its early 2009 highs. If the SPX can close above 874.09 it would be a breakout for this big cap index. The S&P Deposit Receipts (NYSE: SPY) can be traded as a proxy for the SPX.
Bullishly, the Nasdaq 100 Index (NDX) has traded not only above its early 2009 highs, but also above its November 2008 rally highs. This close points to a continued advance to at least NDX 1498 in coming weeks, though profit-taking ...