Friends
An old adage on Wall Street has been “never sell a quiet market”. Guess what- we have had a very quiet market (albeit with an upward bias) in terms of volatility in the past few weeks. Well today, despite an awful Philly Fed number which measures manufacturing activity, stocks staged an impressive rally. Ok, the housing starts and weekly jobless claims numbers were fine, but the Philly Fed number is disturbing as it shows quite a reversal to last month’s number (which was revised downward by the way).
Stocks rallied from the open and by the close the Dow Jones Industrial Average was up 84 points to finish the day at 13,596. The S&P 500 was up 8 points to close at 1480. Gold was up $3 to trade at $1686 per ounce, while oil was up $1.08 to trade at $95.32 per barrel WTI. Is the S&P setting up for an attack of the 1500 level? The bulls sure can take comfort in the fact that important support levels have held and the advance has been broad based.
We’ll see if we can close out the week on a high note tomorrow. The only new economic data we get tomorrow is consumer sentiment, but we will have more earnings reports to chew on. We’ll let you know how the week finishes.
Have a nice evening everyone.
