Friends
Stocks rallied today on hopes that the Speaker and the President are making progress with their “fiscal cliff” talks. As we know, the Speaker delivered a proposal to the President on Friday, and again this morning the two met at the White House. The market took this activity as a sign that negotiations are taking place and now it might just be a matter of hammering out the numbers. Perhaps we are seeing some progress made. Let’s hope.
For the day, the Dow Jones Industrial Average was up 100 points to close at 13,235. The S&P 500 was up 16 points to finish the day at 1430. Gold was up $2 to trade at $1699 per ounce, while oil was up $.62 to trade at $87.35 per barrel WTI. Once again, the bulls are encouraged by the fact that we have been able to close above and hold 1419 on the S&P. The bears, having believed the “fiscal cliff” fiasco set up perfectly for them, have to be beside themselves as stocks continue to climb and crush their hopes and dreams.
I hope everyone was able to enjoy the weekend after last Friday’s tragedy. We’ll attempt to keep you up to date on the political front as the year comes to a close, and of course how the markets continue to react to each and every rumor. Stay tuned.
Have a nice evening everyone.
