Friends
This morning we received a better than expected Durable Goods Orders number and for the 3rd day in a row we got good news on housing, with pending sales of existing homes looking better than expected. These reports combined with a quiet Europe, made for a good day for the bulls. By the close the Dow Jones Industrial Average was up 92 points to close at 12,627. The S&P 500 was up 11 points to finish the day at 1331. Gold was mostly unchanged as the precious metal traded at $1575 per ounce, and oil was up $1.12 to finish the day trading near $80.48 per barrel WTI.
Remember, tomorrow we should be getting the Supreme Court’s decision on Obama Care, and we will be on watch as the EU summit is scheduled to begin. It is curious that the market has rallied a bit into this coming news day. Is it the shorts covering, as they are worried that something good might actually come out of the EU summit (wow, that is hard to believe)? Perhaps the bears are worried that a Supreme Court decision that stifles Obama care, might just get the juices of the bulls flowing. Regardless, we have rallied into the eye of the storm. Color me concerned.
We’ll see what tomorrow brings and let you know how it plays out.
Have a nice evening everyone.
