In a September 2010 edition of TheStreet Ralph Fogel discusses some reasons behind a recent boosts in stocks.
“Technical momentum coupled with a heartening read on durable goods orders propelled stocks nearly 2%…” the article begins. When asked about some possible reasons behind “why the market is paying more attention to the good news than bad news” Ralph replies:
Technically, the market has had a head-and-shoulder bottom so we’ve been waiting for the market to break out and it did…. It pulled back a little bit but then bounced back – even disappointing jobless claims didn’t cave the market. The S&P 500 remained above 1,130. From a technical standpoint, that’s pretty powerful. So all it took was some good news today — with durable goods orders that were a little bit of a surprise — for the market to take off. So the technical underpinnings are there.
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