Friends
Let’s see, the President is out of the country, the Congress is out of Washington D.C. and stocks explode to the upside. Coincidence? I think not. That’s right, with nothing very noteworthy on the “fiscal cliff” front, traders were able to take a breath today and actually plow through the rubble of the last few weeks to find some bargains to buy. Amazing what can happen when there is no political hot air to deal with.
For the day the Dow Jones Industrial Average was up 207 points to close at 12,795. The S&P 500 was up 27 to finish the day at 1386. Gold was up $17 to trade at $1732 per ounce, while oil was up $2.24 to trade at $89.16 per barrel WTI. With 1382 being the 200 day moving average, it is encouraging to see the S&P close above that.
This being a holiday week, trading is likely to be light, but often that can allow for some dynamic moves. It doesn’t hurt that the politicians are out of town. Perhaps the market can make some hay before they get back. On a scheduling note, we’ll close the office at 3:30 on Wednesday. The market closes at noon on Friday, so we’ll close at noon also.
Have a nice evening everyone.
