Dow and S&P May Smash Through Resistance
by Sam Collins 08/31/09
Free Trading Guides
This sort of action is reminiscent of the April-December 2003 resistance line, which finally gave way with a mighty rally that ran the Dow for another 500 points from 10,000.
The saying "Sell in May and go away" has already been shown not to have applied this year. MarketWatch reports that, since 1950, the worst two months in which to invest are August and September. Well, we've already smashed through August with one of the best performances on record. Perhaps September will also disprove the historical data and reward stockholders with another hefty gain.
Today's Trading Landscape
Earnings are expected today from Alloy (ALOY), China Mass Media (CMM), Culp Inc. (CFI), PKN Orlen (PKN.WA) and SINA Corp. (SINA).
The only significant economic report due today is the Chicago PMI.
3 Cheap, Recession-Busting Stocks. These low-priced stocks are truly undervalued. Get in now -- before they're discovered and take off!
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