Friends
Traders were feeling a little frisky today as they wait for the 2 day Fed meeting to conclude on Wednesday. Overnight, the futures had been indicating a lower opening for stocks, but after rough sessions in Asia, a rebound in European trading emboldened traders at the opening of U.S. trading. Stocks rallied at the open and were able to hold onto the gains for the entire session. The Industrial Production number was good so it will be interesting to see what data points the Fed focuses on in the FOMC meeting.
As for today, the Dow Jones Industrial Average was up 129 points to close at 15,884. The S&P 500 was up 11 points to finish the day at 1786. Gold was up $5 to trade at $1240 per ounce, while oil was up $.77 to trade at 97.37 per barrel WTI.
Today’s move really caught the bears off guard as the pattern had been decisively negative for most of the month. Really, we have just had two good days this month, today and Friday the 6th, but those two days have tempered the damage from the other sessions. The bears really have to be getting frustrated at this point. All eyes will be focused on the Fed for the next two days. We’ll let you know what transpires.
Have a nice evening.
