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The Magic Number


This week in the market, though not overly headline-driven, was still an eventful one.  As the title suggests, the “magic number” for the both the  Dow and the S&P was reached (12,000 and 1,300 respectively).  These two significant levels were reached, but nether index was able to make a close above the level (the S&P was short by just $0.46 on Thursday).  Subsequently, a pretty large sell off occurred on Friday, which in the case of the Dow ended a week-long streak of higher lows as well as negating the entire week’s gains in both cases.  Lets take a look at the S&P (on the week: -6.95 -5.41%):

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http://engineerseye.wordpress.com/2011/01/30/the-magic-number/