Friends
As we mentioned yesterday, there is not a lot of economic news until Friday, and that is leaving traders feeling a little frisky, as they continue to bid up the prices of stocks. Finally, this week we are seeing a bit of a rotation from the “defensive” in nature type shares to more economically sensitive shares such as industrial and technology shares. As we point out in our quarterly newsletter, we feel that this type of rotation will likely be necessary to carry the market averages to higher highs.
As for today, the Dow Jones Industrial Average was up 128 points to close at 14,802. The S&P 500 was up 19 points to finish the day at 1587. Gold was down $28 to trade at $1558 per ounce, while oil was up $.39 to trade at $94.59 per barrel WTI. Yes, that is new all-time highs on the S&P and the Dow- yawn.
Earlier today you should have received our 2nd Quarter 2013 Outlook. Clients will be receiving a hard copy with the summary statements that will be going out later in the week. So far, stocks have ignored Friday’s employment disaster and continued to make new highs. It will be interesting to see if that momentum can be sustained as we get further into earnings season. Stocks seem to be frustrating people even as they rise. How can stocks rise when we seem to have nothing but problems? I guess that old “wall of worry” idea is unfolding right before our eyes.
Have a nice evening everyone.
