Friends
As the weather turns a bit nippy, stocks continued their year-end charge, as after drifting for most of the day, the major averages climbed to year highs by the close of the trading session. The bears continue to run for the hills despite the feelings that a “bubble” could be forming. What’s most interesting to us is how the market continues to rotate sectors in a very healthy manner. For bull markets to continue, new leaders need to emerge every so often. Most recently the financials and the industrials have taken up the mantel for the bulls.
Anyway, for the day, the Dow Jones Industrial Average was up 54 points to close at 16,064. The S&P 500 cleared the 1800 level, up 8 points for the day to close at 1804. Gold continues to slump with the precious metal down $1 to trade at $1242 per ounce, while oil was down $.64 to trade at $94.80 per barrel WTI.
Next week is a holiday week, so volume should be light, but we’ll see if the bulls can continue to push stock prices higher.
