Friends
Before we talk about the market, I want to announce that CHJ has partnered with the Breast Cancer Charities of America and will sponsor the I Go Pink Golf Classic on May 6th at The Woodlands Country Club. If you are a golfer, we would love to have you join us and perhaps put a foursome together to play in the event. If you don’t play, we still could use volunteers and sponsors. Of course there will be dinner and awards after the round, and we will be filling you in on some of the fun items we have planned for the day over the coming weeks. We’ll get information to you soon. If you have interest don’t hesitate to give us a call. We hope to see many of you there. It’s just a great cause and we are proud to be able to be involved.
We finally broke the pattern of down Monday’s in 2013, as stocks rallied in the afternoon to erase early morning losses. After last week’s volatility, traders were tentative to step up to buy anything as trading began today, but once again the bears couldn’t break the technical back of the market. Now, the bulls still have some work to do, as those all-time highs in the Dow and S&P still have yet to be accomplished.
For the day, the Dow Jones Industrial Average was up 38 points to close at 14,127. The S&P 500 was up 7 points to finish the day at 1525. The S&P did get through short term resistance at 1519 but still needs to clear 1530 to convince bears that a range has broken. Gold was $1 to trade at $1511 per ounce, while oil was down $.71 to trade at $89.97 per barrel. Oil continues its decline which is drawing traders toward consumer oriented stocks.
On the economic calendar this week is the ISM Non-Manufacturing report tomorrow, the ADP employment number on Wednesday and the all-important Government jobs data on Friday. We’ll see if the bulls can charge to new highs this week, as the sequester talk seems to have diminished since late last week. We’ll keep you informed as the week progresses.
Have a nice evening everyone.
