Friends
On my way home, and I see that the bulls were able to lessen the damage from last week and deliver a couple of good days for stock prices to close out this week. Sentiment is still dreadful, and the Fed still looms as a problem for the bulls, so as we have said before, there appears to be a lot of work still to do before we exit the bear market. But we are always thankful for a couple of good days.
By the close, the Dow Jones Industrial Average was up 387 points to finish the day at 33,390. The S&P 500 was up 64 points to close at 4,045. The Nasdaq Composite Index was up 226 points to close at 11,689. Gold was up $20 to trade at $1,860 per ounce, while oil was up $1.59 to trade at $79.75 per barrel WTI.
Next Friday we will get a very important jobs number. If the recent trend of job gains continues it will be very difficult to make a case that the Fed is going to back off any time soon. We will see. As mentioned, I’ll be back in the saddle on Monday – tan, rested and ready (well, I don’t really tan but…).
Have a great weekend everyone.
