by copious.abundance » Tue 01 May 2012, 18:22:13
$this->bbcode_second_pass_quote('AirlinePilot', ' ')I would also suggest that if one is honest about it there appears to be serious resistance at the 13,000 level.
I would suggest that if one is honest about it there appears to be serious
support at the 13,000 level!
Dow hits 4-year high, lifted by ISM factory data$this->bbcode_second_pass_quote('', '(')Reuters) - The Dow closed at its highest level in more than four years on Tuesday after U.S. manufacturing expanded at a faster pace than expected in April, easing jitters about a slowdown in the economic recovery.
The Dow now sits at levels not seen since December 2007. The gains leave the benchmark S&P 500 within about 16 points of a high reached in May 2008. A convincing break above that level could set the market up for more gains, traders said.
"That's where a lot of traders' eyes are right now - it might be tough to get through there the first time," said Michael James, senior trader at Wedbush Morgan in Los Angeles.
But the Nasdaq sold off sharply into the close on weakness in Apple (AAPL.O) and BlackBerry maker Research in Motion (RIMM.O) in a sign the market could struggle to make further headway in the short-term.
The Institute for Supply Management said U.S. manufacturing growth came in at its strongest rate in 10 months in April. That reading suggested the economy remains resilient after indications it had lost momentum at the start of the second quarter.
[...]