At the bell, it was a photo finish. The Dow Jones (DJIA – 14,000.4) finished up 82 points, a hair`s breadth above the new level. The S&Pclosed almost 7 points higher on the day. The Nasdaq rose 20 points to hit a new 6.5 year high in intraday trading.

All of this buoyed by blue - IBM`s best earnings report since 2002 as profit rose 12% and revenue added 9%, led by strong gains from the company`s global services and software businesses. However, Google`s numbers post market were weaker and the stock closed down 5% in after- hours action. That should impact the Nasdaq tonight. The Fed was in focus as well today, as Ben Bernanke wrapped up his comments before Congress and minutes from the last policy-setting meeting hit the Street. The Federal-Reserve chair addressed the topics of oil (saying high energy prices are "very painful"), housing demand (opining that weakness has not impacted the rest of the economy), and the subprime crisis (asserting the Fed is "moving as fast as [they] responsibly can"). Bernanke also noted that while the yen has ramped higher of late, he sees no hints of currency manipulation.

Crude oil futures continued to move higher in Thursday`s action, the August contract rose to $75.95 in intraday trading, hitting its highest level since last August, before closing up 1.2%, or 87 cents, at $75.92 per barrel. Gold futures settled up $4.40 at $678.10 an ounce, its strongest closing level since May 15. September copper posted a solid gain of 2.8%, rising 9.9 cents to $3.662 a pound, also hitting a 2-month high. Chilean copper miner Codelco has reduced output at 3 of its mines due to a labor strike by contract workers. Elsewhere, September silver futures were 8.5 cents higher at $13.375 an ounce.

China`s economy is firing on all cylinders -- consumption, investment and exports .China has raised rates twice this year and ordered banks to set aside more money as reserves five times. Expects more interest-rate increases even as the Chinese whispers of a rate hike grow noisier.

Asia is in fine fettle this morning as the bulls rev into overdrive but expect the unexpected. Support 4430/15115 Resisitance 4580/15600 Weak below 15470 / strong above 15600 BSE

Reliance up 3.8% -stock sheds open interest and that summarises the market move of yesterday in a nut shell. FM speak indicates monetary tightening to continue , inflation numbers today , and the index now has a gap of close to 850 points since the rally post Infy results on 11th July


PCR at 1.64 , RSI at 78,Nifty discount at 7 dying monments of trade, global markets at life time highs…. stretching the rubber band a bit too fast.

Satyam results today Tech/ Banks most vulnerable on rallies. Take a look at the bond markets for your cues.

Gap up on the back of global cues and profit taking ahead of the weekend . PCR 1.64

Nifty July Fut –Sell the break of 4530 or sell rallies stop 4565 Target 4511 or lower .