Friends
Traders have seemed to simply run out of gas this week. After last week’s fireworks, this week’s trading was on cruise control. The action has been in the currency markets and the bond market. The dollar has shown tremendous strength, while bonds have seen constant selling. It is being reported that a rotation from bonds to stocks is occurring at the institutional level, which might be true, but I also think that investors just got caught off sides by last week’s election results.
By the close, the Dow Jones Industrial Average was down 35 points to finish the day at 18,868. The S&P 500 was down 5 points to close at 2181. Gold was down $9 to trade at $1,207 per ounce, while oil was up $.21 to trade at $45.63 per barrel WTI. Nat Gas is up $.142 to finish trading at $2.845.
The takeaway this week was that there continues to be evidence that the economy is improving. In addition, the Trump victory prompted investors to identify winners and losers within the stock market, and within asset classes. We have seen some dramatic moves within sectors. That’s what happens when the unexpected occurs. Let’s see what next week has in store for us.
Have a great weekend everyone.
