Crypto Calms, Bulls Buy

May 20, 2021 | Market Commentary

Friends
As the crypto currency world calmed a bit, the bulls were able to build on some of yesterday’s late in the day recovery in share prices. Though the market averages did close off the highs of the day, traders for the most part were putting money to work for most of the trading session.
By the close, the Dow Jones Industrial Average was up 188 points to finish the day at 34,084. The S&P 500 was up 43 points to close at 4,159. The Nasdaq Composite Index was up 236 points to close at 13,535. Gold was down $4 to trade at $1,877 per ounce, while oil was down $1.31 to trade at $62.05 per barrel WTI.
The bulls are trying to salvage the week, but it has been a bit of an uphill climb lately. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.

Recent Posts

Tech Stocks Continue to Drag Market Lower

Tech Stocks Continue to Drag Market Lower

Friends The weakness in tech/AI stocks continues and the market averages, especially the Nasdaq, continue to lose ground as we get closer to year end. Instead of taking a victory lap the stocks that have been the leaders all year long are now cowering nervously in the...

Stocks Mostly Lower after Employment Data Release

Stocks Mostly Lower after Employment Data Release

Friends This morning’s release of the November non-farm payroll number showed that 64,000 new jobs were added, which was better than analysts had expected. The unemployment rate did tick up to 4.6%, which was actually more than expected. It’s hard to determine if this...

Stocks Soft As Economic Data Looms

Stocks Soft As Economic Data Looms

Friends Today was pretty much the same script we have seen over the past couple of weeks. The AI/big tech names came under selling pressure enough to take the market averages into negative territory. It’s hard to read too much into recent market action as we are so...