Friends
With Europe rather quiet today, traders took a “risk on” attitude and stocks rallied most of the day. At the close, the Dow Jones Industrial Average was up 95 points to close at 12,837. The S&P 500 was up 13 points to close at 1357. Gold was down $6.60 to finish trading near $1620 per ounce. Oil was up $.84 to trade at $84.11 per barrel WTI.
On a technical basis many of the averages are getting back above their 50 day moving averages and the S&P 500 is threatening to take out another important resistance level at 1362. Will traders be disappointed with the Fed announcement tomorrow as they wrap up their two day Open Market Committee meeting? It sure seems like they are baking some QE3 into the cake, doesn’t it. It will be interesting to see how markets react if Mr. Bernanke doesn’t provide more cowbell. We’ll let you know how tomorrow unfolds.
Have a nice evening everyone.
