Friends
Friday’s, last day of the month selloff, was a distant memory today as stocks rallied despite overnight chaos in Japanese trading. We get a lot of economic news this week, including the non-farm payroll number on Friday, and today’s ISM manufacturing number was certainly less than stellar. Traders however were not deterred, as the bulls once again swooped in to buy the dip.
By the close, the Dow Jones Industrial Average recovered much of Friday’s pasting as the average was up 138 points to finish the day at 15,254. The S&P 500 was up 9 points to close at 1640. Gold was up $18 to trade at $1411 per ounce, while oil was up $1.32 to trade at $93.29 per barrel WTI. The S&P traded right back to the middle of our S&P trading range for now. Let’s watch the bulls and bears slug it out this week.
As I mentioned, we have a full economic calendar this week. It will be interesting to see if the bulls can get back the momentum as the last two weeks have seen declines in the broad averages. Of course, tomorrow is Tuesday. You know what happens on Tuesday’s right?
Have a nice evening everyone.
