S&P 500 Hits 1,300…Again

Feb. 01, 2011 12:50 PM ETSPY, DIA
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12:20pm (EST)

The bulls have recovered all of last Friday’s losses as the market is experiencing its best two-day gains since the beginning of December. Egypt might be going for 1,000,000 but we are more concerned with 12,000 and 1,300. These are the numbers the Dow and S&P 500 are trying to break and close above today.

Earnings have helped offset the geopolitical concerns in Egypt and although last Friday’s sell-off was brutal, we stuck to our guns and said the bulls weren’t done. The Dow is working on a triple-digit gain while the S&P is trying to make new two-year highs.

Economic news has also come in better-than-expected, to some degree. The ISM manufacturing index level for January came in at 60.8 versus expectations for a print of 57.5.  Elsewhere, Construction Spending was down 2.5% versus expectations for a 0.2% increase, month over month.

There are so many stories we walk to talk about but we are more focused on the ones inside our Members Area.

As we head to press, the Dow is up 116 points to 12,008 while the S&P 500 is higher by 19 points to 1,305 (come on, baby!). The Nasdaq is showing a pop of 50 points and is at 2,750.

As you can imagine, we are exited today. A lot of our “peers” have called us crazy for betting on the bull market to continue but we do more homework than most and said back in December this rally could last through April.

We have been getting a lot of bullish signals which we have been discussing inside and outside of our Members Area and we said not to panic last Friday. We reiterated those words again Sunday night in our Weekly Wrap. Those who have listened get an “atta boy” and an “atta girl”. Let’s go check our positions…

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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