Friends
Things were a little quieter today after yesterday’s fireworks. Nasdaq stocks took a breather while the S&P was able to inch higher. Actually, if you are a bull, today’s action is just what the doctor ordered. The market averages didn’t give back a big chunk of yesterday’s gains and instead of getting overheated we saw the upside muted. If I was a bear, I would find that somewhat frustrating.
Anyway, by the close the Dow Jones Industrial Average was up 62 points to finish the day at 39,131. The S&P 500 was up 1 point to close at 5,088. The Nasdaq Composite Index was down 44 points to close at 15,996. Gold was up $15 to trade at $2,046 per ounce, while oil was down $1.98 to trade at $76.63 per barrel WTI.
The bulls definitely hold the high ground at the moment. As I mentioned yesterday even higher interest rates didn’t deter the bulls this week, and today we saw yields fall back down a bit. So, as we have been saying, the conditions are good for stocks, but valuations/prices are not cheap. Just a word of caution, I’m not trying to rain on the bull’s parade.
Have a great weekend everyone.
