Friends
Sparked by rumors that by the end of the day we would have a deal in Greece regarding haircuts on their debt, stocks spent the entire day in positive territory. Even a slightly disappointing ISM number could not derail the early morning surge, as by midday stocks enjoyed a cozy 140 point gain in the Dow Jones Industrial Average. By the close, the Dow settled for a gain of 83 points to close at 12,716. The S&P 500 was up a nice 11 points to finish the day at 1324. Gold was up again as the precious metal finished the day up $6 to close at $1746. Oil was down $1 to close near $97.46 per barrel WTI.
Once again on the technical front, both the bulls and the bears could make their case with regards to the S&P 500. The bulls can say that we have continued to hold support above 1300 and the bears can claim that we can’t get through 1330. We will see who can muster enough energy to break out one way or the other. As anemic as volume has been, perhaps we just hang around for a while. After last year, that would be different.
The other big story is the soon to be announced IPO of Facebook. At least this has the business networks fired up. We’re not sure if it will have any effect on the market in general. We will see.
We continue to prepare for Friday’s non-farm payroll number. We’ll keep you informed.
Have a nice evening everyone.
