Friends
As we wait with baited breath to see if the Greek bond swap deal goes through (to determine if they are bankrupt today or next month), stocks had a second good day after Tuesday’s shellacking. For the day the Dow Jones Industrial Average was up 70 points to close at 12,907. The S&P 500 was up 13 points to finish the day at 1365. Gold was up $17 to close near $1700 per ounce and oil was up $.57 to close near $106 per barrel WTI.
On the jobs front, as we wait for the all-important employment date coming tomorrow morning, today’s weekly unemployment claim number rose a bit from last week but still is trending the right way. The non-farm payroll number should set the tone for tomorrow’s trading and most likely into next week. If the news is good do we rally, or do we sell on the good news (after all, good news means less “cowbell” from the Fed potentially, and stocks have just loved “cowbell”)? On the other hand, if the number is bad, do we sell off, or hang in there with anticipation of more “cowbell” (liquidity fuel for stocks)?
Stay Tuned!
Have a nice evening everyone.
