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DJIA 12,000 Upon Us

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By Jon C. Ogg Updated Published
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Today has looked and felt like a stealth rally trading day.  Despite inflationary concerns, despite China and India putting on the breaks and despite a very mixed earnings season, the market is currently within striking of Dow Jones 12,000.  The opening bell price was recorded as 11,873.43 and today’s trading range was 11,867.98 to 11,982.94.

As a reminder, we gave the logic behind our target of 13,042 to be hit during 2011 on the DJIA.  In 2010, our call was 11,455 versus a 2011 close-out price of 11,577.51.

The last time the DJIA was above 12,000 was June of 2008. It was above 13,000 in May 2008 and last above 14,000 in October of 2007.  It is very possible that the DJIA could challenge the 12,000 formally this week because we have about 25 major earnings we previewed and some 11 of those are actually DJIA components.

So much for hearing about “The New Normal.”  It is suddenly as if the recession and the spill-over effect from it never happened.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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