Friends
Well, the bears were caught with their hand in the cookie jar as the jobs report threaded the needle. Goldilocks like, the 203,000 new jobs created in November was not too hot for the “afraid the Fed will taper” crowd, and good enough for the “the economy is getting better and the Fed needs to begin the process of extracting themselves from the proceedings” crowd (you can add us to that bunch). In addition the consumer sentiment number released later in the morning was much better than expected. The result was a good day for the bulls as they erased most of the losses that stocks had experienced this week.
By the close, the Dow Jones Industrial Average was up 198 points to finish the day at 16,020. The S&P 500 was up 20 to close at 1805. Gold was down $3 to trade at $1228 per ounce, while oil was up $.29 to trade at $97.67 per barrel WTI. The bulls pushed the Dow back above 16,000 and the S&P above 1800 once again.
We mentioned yesterday, that the bears 5 day winning streak (stocks down) really didn’t do much damage. In one day, the bulls were able to take back the high ground and eliminate all the work the bears had done. We’ll see if the bulls can carry this momentum into year-end now. After all was said and done, there was not much changed this week. Let’s see how we do next week.
Have a great weekend everyone.
