Dow Rally Brings Back Good Old Days of 2007

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The Dow rally which began with the new year has now reached a level not seen since October of 2007.

The 2013 Dow rally continued on Tuesday as the Dow Jones Industrial Average broke above 13,949 to reach its highest level since October of 2007.  The Dow climbed as high as 13,958 at 2:10 EST.  A continuing flow of positive earnings SPX Chart Jan 29 300x227 Dow Rally Brings Back Good Old Days of 2007reports continued to fuel the ride.  Two of the standouts on Tuesday were Pfizer (NYSEARCA:PFE) and Valero Energy (NYSEARCA:VLO) which surged in excess of 3 percent and eleven percent, respectively.  On the other hand, the Nasdaq received a number of disappointing earnings reports from important tech companies such as Seagate (NASDAQ:STX) and EMC Corporation (NASDAQ:EMC) to hold the index in a battle at the breakeven level.  JCP Is Popping, Where Is It Stopping?

As of 2:28 EST, the Dow Jones Industrial Average advanced 67 points (0.48 percent) to 13,949.  The S&P 500 Index advanced 0.44 percent to 1,506 (NYSEARCA:SPY).  As the chart (above) indicates, the S&P 500 continues to rise above its previous resistance level of 1,470 to its next resistance level in the 1,550 – 1,570 range.  Its Relative Strength Index is in the “overbought” range at 74.15 (Chart courtesy of Stockcharts.com).  The Nasdaq Composite dipped 0.14 percent to 3,149 (NASDAQ:QQQ).  The Russell 2000 Index declined 0.19 percent to 904 (NYSEARCA:IWM).  Handle … Market Remains Overbought …

The “Dollar Bull” Index ETF (NYSEARCA:UUP) declined 5 cents (0.23 percent) to 21.74 as of 2:19 EST.

As of 2:06 EST, the S&P 500 Volatility Index – or VIX – declined 3.32 percent to 13.12 and the VIX Short-Term Futures ETN fell 2.80 percent to 22.91 (NYSEARCA:VXX).

The Euro STOXX 50 Index finished Tuesday’s session with a 0.17 percent advance to 2,749 – staying well above its 50-day moving average of 2,638.  After breaking above its resistance level of 2,700 on January 21, the STOXX 50 is once again attempting a sustained advance above that level, which has been a barrier since the beginning of the new year.  Its Relative Strength Index is 67.57 (NYSEARCA:FEZ).  The FTSE 100 Index climbed 0.71 percent to 6,339 (NYSEARCA:EWU).  The German DAX Index rose 0.20 percent to 7,848 (NYSEARCA:EWG).  France’s CAC 40 Index advanced 0.13 percent to 3,785 (NYSEARCA:EWQ).  Spain’s IBEX 35 Index fell 0.34 percent to 8,643 (NYSEARCA:EWP).  Italy’s FTSE MIB Index declined 0.03 percent to 17,891 (NYSEARCA:EWI).

As of 2:19 EST, the euro advanced 0.29 percent against the dollar, trading at $1.3486 (NYSEARCA:FXE).

On London’s ICE Futures Europe Exchange, March futures for Brent crude oil advanced by 86 cents (0.76 percent) to $114.34/bbl. (NYSEARCA:BNO, NYSEARCA:USO).

February Gold futures advanced by $9.10 (0.55 percent) to $1,662.00 per ounce (NYSEARCA:GLD).

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