Sunday, May 06, 2007

NASDAQ once again floating steadily above the psychological 2,500 level

NASDAQ has remained above the psychological 2,500 level for three full weeks now, closing at 2,572.15 on Friday. This may in fact mark the turning point and that NASDAQ may now stay "permanently" above the 2,500 level.

NASDAQ is at its highest closing level since February 7, 2001, over six years ago.

NASDAQ first closed above 2,500 back on January 29, 1999.

NASDAQ first closed above its closing level of Friday on April 9, 1999.

NASDAQ could retrace the first six months of 1999, if it closes above 2,686.12, but it is unlikely that NASDAQ will retrace the last two months of 1999 any time soon, or even within the next few years. NASDAQ close 1999 at 4,069.31.

-- Jack Krupansky

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