Friends
The markets tried to shake off all the political wrangling and posted nice gains in the market averages as traders seemed to be looking to do some bargain hunting. With no non-farm payroll report to consider, the coming earnings season is pretty much all there was today for traders to ponder. Yes, there has already been a lot of pre-warning by companies, but is that already priced into the share prices at this point. It would be nice to only have to deal with earnings season in the coming weeks, but unfortunately that is not going to be the case.
As for today, the Dow Jones Industrial Average was up 76 points to close at 15,072. The S&P 500 was up 11 points to finish the day at 1690. Gold was down $7 to trade at $1310 per ounce, while oil was up $.28 to trade at $103.59 per barrel WTI. Despite the recent weakness, no real technical damage has been done, so the bulls could recapture the high ground if they can endure the political headlines over the next couple of weeks.
We’ll keep you posted on how this political fighting unfolds, and try to keep you informed as to how the markets are responding to the nonsense. So far, there has been some weakness, but nothing too damaging. Let’s see how next week goes.
Have a great weekend everyone.
