Friends
Stocks continued their recent surge as the bulls appear to hold all the cards at the moment. Earnings season has been good enough, the economy is just strong enough (but not too strong as to cause the Fed to become overly hawkish), and tis the season when stocks typically enjoy positive moves. One could be concerned about stretching valuations, but as we have pointed out before, valuations only typically don’t stymie moves.
As for today, by the close the Dow Jones Industrial Average was up 142 points to finish the day at 20,412. The S&P 500 was up 12 points to close at 2,328. Gold was down $8 to trade at $1,227 per ounce, while oil was down $.98 to trade at $52.88 per barrel WTI.
Let’s see if Janet Yellen’s testimony on Capitol Hill before the Senate Banking Committee takes any of the wind out of the market’s sail tomorrow. One would expect that she would remain cautious given we still have not seen what an infrastructure bill might look like, much less what shape tax reform will take. The week is off to a good start. Let’s see if the bulls can continue the stampede all over the bears.
Have a nice evening everyone.
