Friends
We had a bit of a reversal day in the averages as stocks were down most of the day only to rally in the last hour to close in positive territory. The Dow Jones Industrial Average finished the day up 68 points after being down over 175 points. The S&P 500 ended the day up 8 points to close at 1162. Earlier in the day the S&P traded slightly below the 1140 support level we are watching, but support kicked in (and a rumor of Chinese buying Italian debt) and stocks reversed to close up.
As the dollar strengthened, gold fell most of the day with the precious metal trading near $1819 down about $40 for the day. Oil was up more than $1.50 for the day as the $80 to $90 range seems intact.
We will see how the week plays out, but if today is any indication, volatility looks to be in the cards for this week also. European news will continue to be in the forefront as concerns about a Greek default continue. We’ll keep you posted and enjoy the rally, even if for one day.
Have a nice evening everyone.
