DRUGS LEAD MONDAY RALLY
DRUG INDEX HITS 52-WEEK HIGH... Drug stocks are leading a Monday market rally. Chart 1 shows the AMEX Pharmaceutical Index climbing to the highest level in a year. Chart 2 may also carry a bullish message for the drug group. The weekly chart shows the DRG in the process of breaking its long term down trendline extending back to the start of 2001.
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Chart 2
PFIZER IS DRUG LEADER... Pfizer is the day's standout performer in the drug group. The chart shows it climbing to the highest level in ten months. It's also on the big board's most-active list, which reflects heavy volume. That's a good combination. Pfizer still needs to clear the highs of last August, however, to reach a new 52-week high. Merck is already doing that.Chart 4 shows that Dow leader moving up to a new 52-week high.
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S&P 500 TRADING OVER 1,000... The S&P 500 is trading above 1000 today. A close above that psychological barrier would be the highest close since last June. The three top percentage leaders in the S&P are shown below. Healthcare, financials, and techs are leading the day's rally.
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