After a slight scare this morning, buyers once again came in to push the market higher. The market gapped down after a disappointing jobless claims report. But within 15 minutes the buying began. Clearly there is a lot of money on the sidelines waiting to be put into stocks. The major indices were able to end the day on the plus side once again.
Things are really heating up in the after-hours market tonight. Intel’s mid-quarter update seems to be going well, and the stock is about 30 cents higher than its 4:00 price. But the real action is in the buy-o-tech sector, with Imclone up about $10 over its 4:00 price! (Isn’t it ironic how well Imclone is doing these days, given all the scandals around insiders dumping it months ago?) It could be another tough day for the bears if the market likes tomorrow morning’s unemployment report.
