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Thursday, October 05, 2006

Dow Made It!


After trying for several days, DOW has finally closed at new ALL TIME HIGH @11850.6! CNBC should really have some fireworks to celebrate this! Hahaha!

Stocks rallied across the board as Fed Chairman Bernanke talks & economic data which lend support that interest rates will at least remain at current level. The Dow was up 1.1%, S&P 500 up 1.2% & Nasdaq up 2.1%. Tech, Retail & Housing sectors took lead in advancing. (p/s: I'm still thinking what's the real reason behind these advances. I think its more to do with the start of the qtr & fund managers have money now to buy into their favoured sectors)

OIH broke the 120 support after release of inventory data, but recovered to close @ 122.6. Cramer said on radio that OIH is a goner, more downside but getting close to a bottom.

Many traders had a good day, congrats to them. Let's hope the market will continue to trend up or down clearly & say goodbye to choppy days.

Btw, I bought Oct65 straddles for VTS, which is reporting earnings after market close. According to Reuters Estimates, it reported $0.25 EPS vs Reuters estimates of $0.42; revenues rose 30.5% YOY to $178.4 mln vs the $186 mln consensus. Figures look lousy. Should be on the downside tomorrow. Let's see how it works out.

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