Friends
Stocks fought their way higher today despite no real good news. The unemployment picture continues to be horrific, as the disconnect between Main Street and Wall Street continues. But, as we know, there is a lot of liquidity in the markets and a lot of cash on the sidelines. So, to assume that Wall Street and Main Street will see eye to eye anytime soon would be presumptuous.
As for today, by the close the Dow Jones Industrial Average was up 46 points to finish the day at 27,739. The S&P 500 was up 10 points to close at 3,385. The Nasdaq Composite Index was up 118 points to close at 11,264. Gold was down $8 to trade at $1,961 per ounce, while oil was down $.31 to trade at $42.62 per barrel WTI.
We continue to churn near all-time highs. As we mentioned yesterday, it’s not surprising that there is some resistance at these levels on a technical basis. Let’s see if that flood of liquidity can break stocks into new territory and let the bulls run. In the meantime, let’s first see how the week wraps up tomorrow.
Have a nice evening everyone.
