Friends
Did we test and hold again? Well, perhaps. Yesterday, individual stocks and market averages spent the day probing and testing the 200 day moving average. Today’s action could be interpreted as having seen a successful test of major support levels, but one thing we have learned over the past couple of months is to not get too comfortable with whatever is happening at any moment in time. Things change on a dime. Stocks seesawed all over the map today, but after giving up a morning and then a midday rally, things began to look like we might see a repeat of yesterday’s selling. But all of sudden stocks exploded to the upside and in just minutes the Dow was sporting a nearly 400 point move. That basically held, and the bulls prevailed – at least for today.
By the close, the Dow Jones Industrial Average was up 389 points to finish the day at 24,033. The S&P 500 was up 32 points to close at 2,614. Gold was down $12 to trade at $1,334 per ounce, while oil was up $.57 to trade at $63.58 per barrel WTI.
Two days into the new quarter, and two very different results. The constant is the amazing and lightening quick volatility. I can’t stress enough how different 2018 is than 2017. Stay tuned and buckled in.
Have a nice evening everyone.
