Friends
Bargain hunters were out in force today as stocks reversed yesterday’s thumping to register strong gains. After yesterday’s “sell the news” reaction to the Spanish bank “bailout”, traders seemed much more inclined to nibble at some of the more beaten down sectors. For the day, the Dow Jones Industrial Average was up 162 points to close at 12,573. The S&P 500 was up 15 points to close at 1324. We are back in the resistance area for the S&P once again, so we’ll see if we can make progress as the week unfolds. Gold was up $16 to trade at $1612 per ounce. Oil was up $.71 to trade at 83.47 per barrel WTI.
Maybe the rally today was one that was just built on no news is good news. It may be that simple. We’ll see if it last more than a day, but it was nice to see us erase yesterday’s disappointing losses.
Have a nice evening everyone.
