Friends
Stocks continue to confound the bears, as despite less than stellar economic reports this morning, attempts to sell the market were met with buying. The retail sales report was not bad, but the Empire Manufacturing survey was not good. Add to this a disappointing unveiling at Facebook and a free-fall in the shares of Apple, it is amazing that stocks continue to hold in.
By the close, the Dow Jones Industrial Average was up 27 points to finish the day at 13,534. The S&P 500 was up a little more than 1 point to close at 1472. Gold was up $9 to trade at $1678 per ounce, while oil was down $.68 to trade at $93.46 per barrel. Important technical levels continue to hold on the S&P, as bullish traders continue to key on 1465 and 1469 as near term support levels.
I hope everyone received our 1st quarter outlook via email yesterday. Of course, clients will receive a hard copy with your summary statements that went out in the mail today. If you have any questions or comments don’t hesitate to email or call.
Have a nice evening everyone.
