Friends
First, a heartfelt thanks to our nations veterans, as well as the men and women currently in uniform. This nation is forever grateful.
With the bond market being closed for Veteran’s Day, stocks were the only game in town, and quite a nice game it was. With things calming in Italy, traders bid stocks up right from the beginning of trading and the Dow quickly found itself with triple digit gains. By the end of the day, the Dow Jones Industrial Average was up 259 points to close at 12,153. The S&P 500 was up 24 points and finished the week at 1263. Gold got back in line with the “risk on” trade today, being up $30 for the day to close at $1789. Oil continued to climb up, adding more than a dollar to close at near $99 per barrel WTI.
On a technical basis it was nice to see the S&P 500 close about 1257 for the week. If things go well over the weekend in Europe, maybe we can take aim at 1300 and beyond before year end. The Dow finishing the week above 12,000 is a nice psychological boost after another wild week of volatility. Just another crazy week of trading fueled by news out of Europe, specifically Italy. The good news was that those Italian bonds traded well back under 7% today.
We’ll see if we can build on these last two days next week. Have a great weekend everyone.
