Thursday, May 31, 2007

Higher and Higher

Things certainly are picking up (and up, and up). Above average volume across the boards today, with the major indexes posting narrow ranging candles in their upper price ranges. The S&P500 had a momentus closing yesterday at an all-time (closing) high, while today's trading range stayed above the previous closing high pivot point.
So it's agreed; U.S. growth was pathetic for the first quarter, rising at only a 0.6% annualized pace, the slowest growth in 4 years. "Housing continued to collapse, business investment was anemic, and the trade gap widened. Businesses, finding they'd stocked too many goods, pruned their inventories back sharply. Consumers, on the other hand, spent freely."
However...the numbers speak for themselves...for the month of May:
DJIA +4.3%
S&P500 +3.3%
Nasdaq +3.1%
Not too shabby for a month whose mantra is Sell in May and Go Away.

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