Friends
The bears were growling yesterday, having enjoyed the worst down day of the year and the undoing of market high-flyer Apple. A day later, the bears are heading back into hibernation. Remember how the sentiment did a 180 yesterday and every pundit on television was convinced we were beginning a well overdue pullback if not worse? As you know, we tend to take things one day at a time and apply a non-emotional process to managing your money. One’s head would explode if you tried to follow the ever changing, and never held accountable advice dished out on television each day. But I digress…
After some very good economic news this morning, including a lowering Weekly Employment Claim number, and somewhat benign PPI number (although the core number was a little hot) and a better than expected Housing Starts number, stocks rallied early and often. For the day, the Dow Jones Industrial Average was up 123 points to close at 12,904 (the highest close for the Average since May 2008). The S&P 500 was up more than 14 points for the close at 1358, once again above that pesky 1350 level (we have to clear 1370 to really scare the bears). Gold was down slightly to close near $1728, and oil
was up $.50 to finish near $102.30 per barrel WTI. By the way, NASDAQ closed at a 12 year high.
Once again with some “encouraging” news out of Greece, and an ever improving domestic economy, traders felt obliged to add to stock positions today. We’ll see how they feel tomorrow. As you know, things tend to change quickly these days.
Have a nice evening everyone.
