Friends
Tariffs? What tariffs? After Treasury Secretary Mnuchin among others attempted to clarify the Administration’s trade policies over the weekend, the bulls were back ready to buy from the opening bell this morning. With the S&P having its 3rd successive day with more than a 2% move, volatility is alive and well. Interestingly the trading range that we’ve talked about recently, appears to have held again this time near the previous lows. As we have discussed we have run into resistance near the January highs and found support near the February lows.
For the day, the Dow Jones Industrial Average was up 669 points to finish the day at 24,202. The S&P 500 was up 70 points to close at 2,658. Gold was up $3 to trade at $1,353 per ounce, while oil was down $.30 to trade at $65.58 per barrel WTI.
With all the movement we have had since the beginning of the year, stocks are still down for the year (as measured by the S&P 500) but not by much. The volatility is making it feel much worse than it really is. For those who don’t pay attention on a daily basis, their quarterly statement (as of today) not showing much movement would lead them to believe it was a quiet, almost boring quarter. Hardly. Let’s see how this shortened trading week (we are closed on Good Friday) plays out. It really is fascinating, isn’t it?
Have a nice evening everyone.
