Friday, February 1, 2008

US Market Summary 31 Jan 08

Dow 12,650.36 +207.53 +1.67%
Nasdaq 2,389.86 +40.86 +1.74%
S&P 500 1,378.55 +22.74 +1.68%

The US major indices were able to rally, despite opening sharply lower in the wake of a disappointing unemployment claim report. Sentiment was lifted due to a bond insurer's positive outlook. This is in contrast to Wednesday, when concerns over bond insurers caused the stock market to give up all of its FOMC induced gains.

Asia markets would rally today but as it is Friday, do not take any overnight positions . Buy on weakness and sell on strength.
We would be able to see whether market is able to recover next week or volatility will continue.

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