Friends
I’d like to begin today’s note by first saying that we are very much thinking about those who were lost 11 years ago today. We will never forget them or that fateful day. Now we’ll turn our attention to the markets.
Stocks recovered Monday’s losses during Tuesday’s session as traders were jockeying for position before the beginning of the Fed meeting tomorrow and Thursday. With the expectation of some sort of QE to be delivered by the Fed, the bears are once again a little tentative to step in front of this meeting. In the meantime stocks forge ahead to the highest levels we have seen in almost 5 years.
For the day, the Dow Jones Industrial Average was up 69 points to close at 13,323. The S&P 500 was up 4 points to finish the day at 1433. Gold was up $2 to trade at $1734 per ounce, while oil was up $.49 to trade near $97.03 per barrel WTI. The S&P 500 looks good on a technical basis. Can we continue to climb towards 1500?
We’ll keep an eye on any news coming out of the Fed meeting over the next 2 days as well as monitoring the legal wrangling going on in German courts. Remember, the Germans are the ones who can muddy the waters over there in the Eurozone. They are, after all, the ones being asked to pay for much of the bailing out that will be necessary.
Just a reminder that Hunter is scheduled to run in the iGo Pink stiletto run on Saturday. We’ll make sure to document the affair. Thanks to all who have offered to sponsor Hunter in his mad dash. Don’t hesitate to email Hunter your support (he’ll need it), and there is still time to make a pledge.
http://www.crowdrise.com/huntershighheelrun/fundraiser/hunterhernandez
Have a nice evening everyone.
