Friends
Today had all the feel of a backing and filling day. Once again I would give the nod to the bulls. The bears just can’t seem to generate any downside momentum. A great example of where money seems to want to flow is today Caterpillar announced a less than stellar earnings report, yet the stock rallied on the news. We would not have seen that kind of reaction in recent quarters. Stocks seem to want to go higher. Am I concerned that everyone seems to be bullish all of a sudden? You bet I am, but people have been so negative for so long, it seems that there is a lot of money that hasn’t been involved in stocks for quite some time, and that could lead to higher prices.
For the day, the Dow Jones Industrial Average was down 13 points to close at 13,882. The S&P 500 was down 2 points to finish the day at 1500. Gold was down $2 to trade at $1654 per ounce, while oil was up $.59 to trade at $96.47 per barrel WTI.
Along the bevy of earnings reports that we will receive this week, we get a lot of economic information also, including consumer confidence numbers, the PMI manufacturing number and the all-important non-farm payroll and unemployment report. We’ll let you know how all the fun plays out.
Have a nice evening everyone.
