Friends
I hope you had a nice weekend and enjoyed the beautiful weather. I don’t want you to think that the only time you hear from us is on down days, so I am happy to report that stocks enjoyed a 178 point rise in Dow Jones Industrial Average closing well above 12000 for the day. The S&P 500 closed at 1298, just shy of the 1300 level, but well above the 1283 level we were looking at as the first resistance level to get through. With the nuclear situation in Japan looking slightly better, and Libya now engaged, traders looked to domestic news to take their cues and the reported deal for ATT to buy T-Mobile was a whopper. The reported $39 billion dollar deal seemed to renew the animal spirits, at least for one day.
We’ll continue to monitor the news out of Japan and the market’s reaction. By no means is this a time to get complacent. With so much going on globally, markets will continue to react to world events. We’ll continue to look for opportunities in the volatility.
Have a nice evening everyone.
