Not only did the Dow finally crack the 13,000 mark today, we KNEW it was going to happen. Are we geniuses? Well, not quite. But we did have a few little hints -- and one big hint -- ahead of the opening bell.
Futures had already moved higher following various positive earnings reports like the one from Amazon.com, and economic numbers like this morning’s durable-goods orders report. That told us the market would likely move higher at the open, but perhaps not quite enough to push the Dow over the magic number.
Then, a few minutes before the open, we got news that Alcoa was considering selling several of its businesses. Alcoa got an immediate pop in pre-market trading, and, since it’s a Dow component, we were confident that this would put the Dow over the top.