|Written by GSCR Staff|
|Tuesday, 07 August 2012 09:19|
We are inching closer and closer to some bullish milestones. Today the S&P 500 Index broker through 1400 and the NASDAQ Composite broke through 3000. The S&P is no roughly 1% below its 52-week high, achieved in early April, while NASDAQ is 4% below its high achieved in late March. The Russell 2000 Index, which is outperforming the other indices today, is only 5% away from its year high achieved in early spring as well.
If we can bust through those levels, it would be very bullish. It is interesting that we are accomplishing this on relatively low volume and despite some market craziness, such as the Knight Capital (NYSE – KCG - $3.18). Volume on NASDAQ has exceeded 2 million shares only once thus far this quarter. Speaking of KCG, we still think it can get back to $4.00, despite the $1.50 strike price of the recent convertible financing deal.
By the way, a mea culpa on Sirius XM (NASDAQ – SIRI - $2.28). I was negative on it at $1.90 and the numbers were really strong today. Plus, management raised estimates. The stock is up 21% in 2 months. Oops.
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