Friends
It appears the bulls are on a full frontal attack of the 20,000 level on the Dow Jones Industrial Average. It has been a fascinating month since the election. As we have mentioned, stocks that no one wanted (such as banks and industrials) have become the leaders, while tech and growth stocks in general have lagged. The Dow led by stocks like Goldman Sachs and Caterpillar is a somewhat distorted group of 30 stocks, as price weighting can actually be a bit deceiving. Nevertheless stocks are popular again. Well, at least for the moment. Remember, if you will, stocks have not been popular despite the advance in share prices since March of 2009. This was often referred to as the most hated bull market of all time. So as we move forward does this new fascination with stocks foretell of good things to come?
As for today, by the close the Dow was up 142 points to finish the day at 19,756. The S&P 500 was up 13 points to close at 2259. Gold was down $11 to trade at $1,160 per ounce, while oil was up $.64 to trade at $51.48 per barrel WTI. Nat Gas was up $.04 to finish trading at $3.735.
Santa is up at the North Pole filling up his sleigh. When he gets here he’s gonna find out that investors have already received some wonderful Christmas gifts. Let’s see if the bulls can finish off this charge to 20,000 next week. We’ll let you know.
Have a great weekend everyone.
