The stock market is no stranger to strong performances in January, only to see the lofty gains early in the year transition into months of grinding action that goes nowhere.
That's what happened in 2011 and 2012, and some analysts think 2013 could follow the same routine. Markets are up this year in the face of Washington's debates over fiscal policy, but a looming deadline on spending reductions could test the gains.
Major indexes recently crossed psychologically important milestones - 1,500 for the S&P 500 and 14,000 for the Dow industrials. The S&P is at its highest level in five years, while the Nasdaq finished on Friday at its highest close since November 2000, the tail end of the Internet bubble.
The current levels are more significant than Wall Street's usual fixation on round numbers. This is only the second time the Dow has reached 14,000, and the third time the S&P has hit 1,500. (commentary &photo courtesy of Reuters)
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I’ve been caught in the great Eastern snow storm and I am unable to publish my weekly RSI report. I’ll be back next weekend with new analysis.
Take care to all.
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