DOW JONES IS JUST OVER 17,000! HOLY COW!

What an extraordinary day, as we expected the Dow crossed the line at 17,000 – new historical record. Maybe the 17,000 is just a number, but proves again and again the market is in a strong bullish momentum. SP500 hits new record as well and closed only 15points from the magical 2,000.

Yesterday I couldn’t being checking the whole day the market because I was travelling, but honestly I was super sure, without any doubt, that the employment data from US would push higher to record levels the US benchmark indices. When I turned on my computer at the closing bell, I just needed to basket the nice profit. How was I so sure? The reason is simple, for all kind of bad news the market doesn’t drop effectively, but for any good news the market’s reaction is a strong upward movement in the last couple of weeks and yesterday it happened the same once more. The investors obviously welcomed the strong employment data.

The market said for this great data, “Yabadabadu!” After the data release, the Dow jumped over 17,000 and then stayed comfortably above the 17,000 milestone. It finally was a nice green day:

• Dow 17,068 +92 +0.54% 
• Nasdaq 4,486 +28 +0.63% 
• S&P 500 1,985 +10 +0.53% 

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The BFM Assets Team.