The Stock market reach it’s highest point for 2010.
During the trading day, the Dow reach 10750, the NASDAQ was trading at 2390 and the S&P reach 1165.
Technology Select Sector SPDR approaching 52-week high 03/17 10:44 AM
The Technology Sector (XLK) is nearing its 52-week high, which was set at the start of the year, at $23.30. Given the heavy weight in the S&P 500, at over 21%, a breakout move as we have seen now in the Financials (XLF), Consumer Staples (XLP), Consumer Discretionary (XLY), and the Industrials (XLI), could be necessary ingredient for reaching the much-hoped-for1200 area. As a reminder, this was the area from which the index collapsed in October 2008. On a breakout above $23.30, the following resistance levels could become additional upside objectives: $23.41, $23.83, $24.26, $24.65, $25.05. Support is currently at $22.62, the 10-day moving average and the uptrend support line proxy for the short-term move.
Financial ETF doubles in a year (XLF) 03/17 11:23 AM
The rally in the Financial Select Sector SPDR Fund on Wednesday means the exchange-traded fund has more than doubled in value from a year ago. The ETF set a new 52-week high of $15.97 a share on Wednesday. One year ago on March 17, 2009, the fund touched a session low of $7.87, according to data from FactSet Research.
The only reason why the market will not continue higher today is because option expirations this Friday.
(see BLOG March 15,)