Friends
The bulls put a cherry on top of this week’s, and for that matter the last five week’s stock rally as share prices pushed higher right from the beginning of today’s trading session. The Fed’s dovish statement this week led to a weakening dollar, which in turn led to higher oil prices for most of the week and, of course, higher stocks prices.
By the close, the Dow Jones Industrial Average was up 120 points to finish the day at 17,602. The S&P 500 was up 8 points to close at 2049. Gold was down $9 to trade at $1,255 per ounce, while oil gave up some of this week’s gains and was down $.82 to trade at $39.38 per barrel WTI.
As mentioned yesterday, it has been quite a ride already this year. Down more than 10% in the first six weeks of trading and then recover every bit of it over the past five weeks of trading. Of course, negativity was peaking back in February, but interestingly enough, it really hasn’t changed much. Market gurus don’t seem believe in this recent rally. We’ll reserve judgement, as the pain trade still seems to be to the upside, despite the fact that we are very overbought. Let’s see what next week has in store.
Have a great weekend everyone.
