Friends
Another mixed day for stocks, but on a daily basis we seem to have distinct winners and losers. Indeed, as opposed to things drifting along in unison, we are seeing rotation on a daily basis, where some stocks are working that day while others are getting hit. The result is little movement in market averages, but quite a bit of movement in individual names.
As for the averages, by the close the Dow Jones Industrial Average was down almost 1 point to finish the day at 21,396. The S&P 500 was up 3 points to close at 2,438. Gold was up $7 to trade at $1,256 per ounce, while oil was up $.34 to trade at $43.08 per barrel WTI.
The new home sales number was strong this morning, so on balance, this week’s housing numbers showed decent strength. Next week we get a look at durable goods, consumer confidence, and our final revision for 1st quarter GDP. What will be interesting, will be to see if the day to day stock rotation continues. It creates a good environment for traders, but really just nets out for long term investors. We’ll check in with you next week.
Have a great weekend everyone.
