Thursday, July 23, 2009

Another big day for US stocks

AlphaNinja - If the Nasdaq closes positive today, it will be 12days in a row...The longest streak since 1992. Nucking Futs.

The Dow Jones Industrial Avergae is above 9,000 this morning, after bottoming (not sayin' that was THE bottom...) at 6500ish in March. As I'll detail later today, even after this big run the index is not very expensive.

Thanks to Bristol-Myers' shall we say "aggresive" (I think a 90% premium to the previous close indicates they want to avoid a bidding war...) bid for Medarex (MEDX), top 10 gainers are beating losers by 42% -->>I've never seen such a disparity.

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