Monday, December 8, 2008

US stocks extend rally; Mumbai halves gains at close

Stocks in New York rallied over 3% today as the Dow closed at 8934 and the S&P at 909. The Dow also finally managed a potentially significant technical achievement by rising to its 50-day moving average for the first time in two months as it briefly traded above 9000. The gain in America followed optimism worldwide as stocks in India also ended significantly higher. The Nifty closed at 2784 although it had traded as high as 2850 in the morning. The Sensex ended the day at 9162.

The Mercury ingress to sidereal Sagittarius has proven to be a bullish influence and so we await the exact ingress of Jupiter into sidereal Capricorn tomorrow (EST). It is possible that the markets will manage another up day here although I am not certain of the outcome.