DJIA & NASDAQ will follow uptrend into Jan 2007
I’ve made up my mind. The past few trading days the market has continued to move up with more positive merger news. I feel the stock market will move higher finally hitting that DJIA $13,000 mark the Bulls really want to see. On merger monday Bank of NY buys financial securities giant Mellon Financial off weighing Pfizer’s bad news of it’s drug halt the market still optimistically continued up. Both bank stocks moved higher. As for Pfizer’s drop of 12% I do not think that will last for long. The stock price could continue to move a bit further down, but Pfizer is also a giant and a drug profit machine. With new Democrat house in control new regulations and laws pharma companies could be in for a problem. Republicans have been really creating corporate profit machines with the right tax laws helping out Mr. Big Corporate America. I see PFE moving from $24.90 regaining its price of $27-30 within the year depending on if Pfizer comes out with another wonder drug or patients start staying alive instead of dieing!