Sunday, November 14, 2004

Market Week in Review

S&P 500 1,184.17 +1.5%

Click here for the Weekly Wrap by Briefing.com.

Bottom Line: Market action last week continued to impress as the advance/decline line rose further and volume remained healthy. All the major U.S. indices have broken up through their downtrend lines that were in place since the beginning of the year. The S&P 500 is at a new high for the year and the Russell 2000 is at an ALL-TIME high. Moreover, many different sectors are showing leadership. It is also a big positive that long-term interest rates are remaining low even with a declining dollar, falling energy prices and rising stock market. Finally, the strong demand for IPOs is a very positive sign for the market and economy. I would like to see the AAII % Bulls fall from currently elevated levels.

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