Friends
I can’t remember going into an earnings season where analysts and market strategist were more nervous/concerned about companies disappointing and guiding estimates lower. Well, so far it has not really worked out that way. Earnings have been pretty good, and many companies appear to be dealing with the economic headwinds of inflation and shortages rather well. It’s early and there certainly can/will be some earnings landmines over the next couple of weeks, but so far so good.
Market participants seem to be getting a little more comfortable that maybe the worst is behind us, but I reiterate that we might still have some landmines to maneuver around in the coming weeks. But, at least for now the bulls seem to have the upper hand. For the day, by the close the Dow Jones Industrial Average was up 47 points to finish the day at 31,874. The S&P 500 was up 23 points to close at 3,959. The Nasdaq Composite Index was down 184 points to close at 11,897. Gold was down $13 to trade at $1,697 per ounce, while oil was down $1.61 to trade at $102.61 per barrel WTI.
Earnings season is now in full force and appears to be helping stocks move higher. Let’s see if the bulls can keep up the momentum. We’ve seen short moves higher this year, but all have only lasted for a few days. Let’s see if the bulls have something more interesting brewing.
Have a nice evening everyone.
