Friends
Though this is a short week, it is chocked full of earnings and should set a tone for the next few weeks. So far, though we are only a fraction of the way through earnings season, stocks are reacting relatively well to both good and bad reports. What I mean by that is, we are not seeing a “sell the news” mentality when the earnings reports are good, and when the reports are bad, stocks seem to hang in rather well. If this continues for the next two weeks, then the bulls will be emboldened and ready to charge into the spring.
By the close, the Dow Jones Industrial Average was up 62 points to close at 13,712. The S&P 500 was up 6 points to finish the day at 1492. Gold was up $3 to trade at $1690 per ounce, while oil was up $.68 to close at $96.64 per barrel WTI. We are seeing a pattern of selling early only to be followed by buying late in the day. That is another good sign for the bulls.
Google’s earnings as well as IBM’s will be released after the close today, and we’ll get a look at Apple’s report after the close tomorrow. These three behemoths will surely set a tone for technology as well as the overall market in general. Stay tuned, we’ll let you know how the week unfolds.
