Friends
After another nice day for the bulls, I don’t know if I should be excited or scared to death. Yes, we’ve had a nice bounce from the Dec 24th low, but we are bumping into some resistance levels, so I don’t want to get too comfortable just yet. Have we seen the bottom? Is the bear market over? Again, we have a lot of work to do, and many of the headwinds that existed on Dec. 24th are still blowing. Yes, we seem to have the Fed back in a dovish “data dependent” stance, and perhaps a deal with China is forthcoming, but the slowing of global growth around the world is still alarming, as evidenced by disappointing numbers out of Germany. Let’s enjoy the rally, but we won’t get cocky.
For the day, the Dow Jones Industrial Average was up 256 points to finish the day at 23,787. The S&P 500 was up 24 points to close at 2,574. Gold was down $4 to trade at $1,285 per ounce, while oil was up $1.18 to trade at $49.70 per barrel WTI.
A three day winning streak is a three day winning streak. Let’s enjoy it and wait to see what the President has to say tonight. Stay tuned.
Have a nice evening everyone.
