Friends
After gaining the higher ground by capturing the 1400 level on the S&P 500, the bulls should be satisfied that we have had a couple very quiet days. As we have mentioned in the past, after having a good meal, taking time to digest that meal is good for you. After the nice advance that we have had in stocks, a little pause that refreshes is not a bad thing. Remember, things that go straight up, tend to go straight down. Having said all that, it is imperative that the bulls get this baby to the 1425 area on the S&P, and beyond, relatively soon. If not, the bears will be shouting “double top” and the technicians will discredit the advance.
Anyway, for the day, the Dow Jones Industrial Average was down 10 points to close at 13,165. The S&P 500 was up less than a point to finish the day at 1402. Gold was up $3.90 to trade at $1619, while oil was up just $.19 to trade at $93.54.
Once again, this is a very unloved rally with very little volume. But, remember, the market loves to confound the most people it can. We’ll see how the week ends tomorrow.
Have a nice evening everyone.
