Friends
The bulls continue to build on the rally that began after last Wednesday’s pullback. The existing home sales number was weak, but that might simply be the lack of supply of affordable homes on the market nationwide. The price index continues to show rising prices which would seem to support the lack of supply scenario. Despite the mixed message from the housing industry, market participants appear to be comfortable that the economy is on the right track. Bond investors, as we have pointed out for some time now, are taking the other side of that trade.
By the close, the bulls moved the S&P above 2,400, but not in a very convincing manner. For the day, the Dow Jones Industrial Average was up 74 points to close at 21,012. The aforementioned S&P 500 was up almost 6 points to close at 2,404. Gold was up $1 to trade at $1,257 per ounce, while oil was down $.17 to trade at $51.30 per barrel WTI.
As mentioned it looks like the bulls hold the high ground as we get nearer the holiday weekend. Let’s see if they can move a little more convincingly above that 2400 S&P number.
Have a nice evening everyone.
