Communication from ARA MELKONIANS/ Update #1/ Week of October 11, 2010

Good Morning Everyone and Happy Monday! It looks to be a very quiet day in equity markets this morning. There are no major economic news releases due out today, the Treasury market is closed for Columbus Day, and I have to expect that many traders are also taking advantage of the day off as many financial institutions are closed today as well. There are also no major corporate announcements or earnings reports due out today.
Last week ended up being a pretty good week for stock markets. The Dow closed up 176 points in the 5-day stretch, topping the 11,000 mark for the first time since the beginning of May. There's been no looking back for the Dow since the Sept 1 rally of 255 points. August 31st's closing at 10,015 compared to today's current reading of 11,015 means that the major index has risen 10% now in a month and 1/2 -- a pretty impressive 6 weeks! The NASDAQ tacked on 31 points last week, and the S&P posted a 19 point gain for the bulls.
Mortgage Rates remain steady…
I guess we'll have to wait until tomorrow to get things into full swing with the markets. I hope you all have a terrific Monday and a very profitable and productive week!