Friends
Simply put, the bulls are in charge at the moment. Stocks are moving higher and despite what people think about the reasonableness of it all, the fact is that momentum is moving stocks higher and the fear of missing out (FOMO) is palpable. Are stocks cheap? The easy answer is no, but that doesn’t mean that they can’t move higher. Additional good news for the bulls is that more stocks and sectors in general are participating in the move higher. For most of the first half of the year a handful of stocks accounted for the bulk of the advance, but over the past week or two things have begun to broaden out.
As for today, by the close the Dow Jones Industrial Average was up 428 points to finish the day at 34,408. The S&P 500 was up 53 points to close at 4,425. The Nasdaq Composite Index was up 156 points to close at 13,782. Gold was up $1 to trade at $1,970 per ounce, while oil was up $2.32 to trade at $70.59 per barrel WTI.
For now, the bulls continue to hold the high ground. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
