Friends
Despite the consumer sentiment number coming in a little soft this morning, stocks continued to roll to new 5 year highs. Again, the most hated bull market of all time continues to confound the bears and amaze those who have been spectators on the sidelines for years. Indeed, the path of least resistance still seems to be up, and of course that is frustrating investors who continue to wait for a correction before putting money to work.
Anyway, for the day, the Dow Jones Industrial Average was up 53 points to close at 13,649. The S&P 500 was up almost 5 points to finish the day at 1485. Gold was down $7 to trade at $1683 per ounce, while oil was virtually unchanged to trade at $95.34 per barrel WTI.
Next week we will get a ton of earnings reports, so if this train is going to go off the tracks, perhaps next week will provide the catalyst. If we get through this earnings season intact, then we seem destined to visit the 1500’s on the S&P. Remember, Monday is Martin Luther King, Jr. Day and the markets are closed. We’ll be back in the saddle on Tuesday and prepared for an earnings explosion.
Have a great weekend everyone.
