Stock Market Close

Posted: February 26, 2008 at 5:06 pm by Chuck

The Dow hit resistance around 12750 and pulled back. Oil service stocks were strong today and gold gained some more ground. The IBM news apparently got some people excited, though I’m not sure why. It’s not as if they said sales were going to be great, they are buying back shares. Statistically, companies who do this tend to underperfom for a while. Well, nobody ever said the market was rational! Chuck will give his summary of the market action later, but I thought it was a very odd day. I’ve heard some traders say that today shows we’re regaining upward momentum here. Not yet, not in my book, not in my charts.