Friends
After an initial, somewhat tasty advance in early morning trading, stocks seesawed back and forth today until the bulls decided to take the reins and propel us into decisively positive territory in the last hour of trading. Once again it was a somewhat slow news day on the economic front, and a somewhat lousy day on the earnings front. Nevertheless, the bears were unable to gain any traction.
By the close, the Dow Jones Industrial Average was up 122 points to finish the day at 16,912. The S&P 500 was up 15 points to close at 1995. Gold was down $1 to trade at $1145, while oil was down $.42 to trade at $48.11.
The pundits on television are howling about this 4 day rally. They don’t understand it, so therefore it must be scoffed at and sold. Perhaps, but I want to see the full accounting of corporate earnings before I cast aspersions. Maybe we need to test the August lows several times before we can embark on anything new. But I’ll let price be my guide. Let’s see how stocks react to this earnings season before we declare victory or defeat.
Have a nice evening everyone.
