Friends
With the massive snowstorm bearing down on the East coast, trading in stocks was very light and uneventful today. Trading had an upward bias early, but after a 50 point Dow move to the upside, stocks drifted the rest of the session. Most likely traders were all getting out of Dodge as the snowstorm intensified. As it was, for the week the market actually had very little direction.
For the day, the Dow Jones Industrial Average was up 48 points to close at 13,992. The S&P 500 was up 8 points to finish the day at 1517. Gold was down $2 to trade at $1669 per ounce, while oil was unchanged to trade at $95.83 per barrel WTI. The bulls can feel good about the fact that the bears tried to turn the tables this week but were unable to do much damage. After trading below 1500 briefly during the week, todays close was comfortably above recent support near 1505. The bears can point to the fact that we couldn’t get back above 14,000 yet on the Dow. Again, could that now be a resistance level that the bulls may find difficult to clear?
Well, let’s hope everyone affected by the storm stays safe. In the meantime, everyone have a nice weekend. We’ll be back at it on Monday.
