Stock Market Boldly Going Where It Hasn’t Gone Before!Stock-Markets / Stock Markets 2013 Feb 14, 2013 - 09:14 AM GMT
Doug Short writes: The phrase “To boldly go where no man has gone before” was made popular by the Star Trek series back in 1966 (wisely ignoring the priggish rule against split infinitives).
The Wilshire 5000 is taking investors where they have never gone before, as it breaks into all-time high territory at (1) in the chart below.
The NYSE Comp is currently 13% below the highs set back in 2007 and is facing an important line in the sand, dating back to the late 1990′s at (2). The line highlights several emotional highs/lows over the past 13 years.
The Wilshire breaking to all-time highs reflects quality broad market price action. Can the NYSE break above resistance at (2) and work towards taking investors to where they have never gone before? A break above (2) would be a good sign for the markets!
Philip R. Davis is a founder of Phil's Stock World (www.philstockworld.com), a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing -- which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks). Visit: Phil's Stock World (www.philstockworld.com)
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