Friends
Stocks went up today. I know it’s a shock, but they really did. Of course, I am having a little fun, but this rally seems it’s not easily going to be thwarted. Yes, market participants are expecting/hoping that deregulation and tax reform will help spur economic growth, but this move feels more of one where there just aren’t any sellers. Those in the market at the moment are afraid to sell anything for fear that there is more to go on the upside. The interesting thing for me is, though, that those who have not been invested in stocks for years still don’t seem to be clamoring to get involved. There appears to be fear on both sides. Those in are afraid to sell, and those not in are afraid to buy. Very interesting dynamic.
As for today, the Dow Jones Industrial Average was up 118 points to finish the day at 20,743. The S&P 500 was up 14 points to close at 2,365. Gold was down $2 to trade at $1,236 per ounce, while oil was up $.66 to trade at $54.02 per barrel WTI. Nat gas was down $.259 to finish trading at $2.575.
On the economic calendar this week is existing home sales and the FOMC minutes tomorrow, jobless claims on Thursday and new home sales and consumer sentiment on Friday. Let’s see if the bulls can keep the bears on defense as the week unfolds.
Have a nice evening everyone.
