The S&P 500 Is Up to 1,265

The market is rallying again today. The S&P 500 has been as high as 1,265 this morning. That’s a gain of 9.1% since the Friday after Thanksgiving which was only six trading days ago.

Keep a close eye on 1,264.56. That’s the average of the last 199 days so if we close above that, we’ll be above the 200-DMA.

The market now has a real shot of making a four-month high soon. The current high close of the last four months was 1,285.09 from October.

The financials and Energy sectors are leading the charge. On our Buy List, the standouts are Ford ($F), JPMorgan Chase ($JPM) and Medtronic ($MDT). AFLAC ($AFL) is about to poke its head above $45 per share. Ten weeks ago, AFL was trading near $31.

The next earnings report for the Buy List will be from Oracle ($ORCL) and that should come some time next week, though I don’t know which day. Wall Street expects earnings of 57 cents per share compared with 51 cents per share one year ago. I think that’s a little low. My numbers say that Oracle should earn 60 cents per share. I think this company is doing very well right now.

Posted by on December 5th, 2011 at 10:40 am


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