Friends
Stocks continue to carve out new highs after the phase one trade deal was agreed upon last week. Of course, the devil is in the details and enforcement, but for the moment the idea that there will be no new tariffs in the near future has been a shot in the arm to the confidence of the bulls. Now, of course, we are beginning to enter an area where valuation may begin to actually work against the bulls, but with the Fed firmly in the dovish camp, pullbacks are likely to be met with buyers, especially those who missed this year’s heady returns.
As for today, by the close the Dow Jones Industrial Average was up 100 points to finish the day at 28,235. The S&P 500 was up 22 points to close at 3,191. Gold was down a fraction to trade at $1,480 per ounce, while oil was up $.17 to trade at $60.24 per barrel WTI.
This is the last full week of trading for the year, and the decade for that matter. We have much of the market moving news behind us for the month, so it would not be a surprise if stocks drift a bit in the next two weeks. The drift has been higher in recent weeks, so let’s see if the bulls can tack on a Santa Claus rally to the move that we’ve already seen. We’ll keep an eye on things for you this week while you get your shopping done.
Have a nice evening everyone.
