Friends
Yesterday we saw stocks start the day higher only to reverse course and move decisively lower by the close of trading. Today we started the trading session with stocks firmly in negative territory only to reverse course and see stocks decisively higher by the close. In the big scheme of things neither day’s move was really that earth shattering, but it had been a while since we have seen these intraday type of reversals. The bulls still have the edge for the year, but we’ll call the week somewhat of a draw.
By the close, the Dow Jones Industrial was up 169 points to finish the day at 33,869. The S&P 500 was up 8 points to close at 4,090. The Nasdaq Composite Index was down 71 points to close at 11,718. Gold was down $3 to trade at $1,875 per ounce, while oil was up $1.80 to trade at $79.86 per barrel WTI.
Next week we will be focusing on Tuesday’s CPI report. If inflation can continue to decline without a total destruction of the economy, then the bulls might be onto something. Let’s enjoy the Super Bowl and get back at it next week.
Have a great weekend everyone.
