Friends
No, it’s not officially the Santa Rally, but it appears he may be heading this way. For the third day in a row, stocks found some buying enthusiasm from market participants. I wish I could provide a brilliant analysis and reasoning as to why this week’s rally is occurring, but I got nothing. Perhaps the bears have left the building and decided to begin the holiday celebrations early. Whatever the case, the playing field has mostly been left to the bulls, and they are doing their best to get the market averages into positive territory for the year. As we spoke about yesterday, you already know what has transpired below the surface.
As for today, by the close the Dow Jones Industrial Average was up 185 points to finish the day at 17,602. The S&P 500 was up 25 points to close at 2064. Gold was down $5 to trade at $1068 per ounce, while oil was up $1.73 to trade at $37.87 per barrel WTI.
The market is open for a half day of trading tomorrow, so our office will be open until noon. It should be a very light volume day tomorrow so we’ll see if there is any direction to the shortened trading session.
Have a nice evening everyone.
