Friends
It may not have felt like it, but we just enjoyed the best week of the year for stocks, and that is on the heels of last week being the worst week of the year. A little volatility, eh? The uplift throughout the day was mainly attributed to traders who were decisively leaning negative, deciding to cover their shorts as we head into the weekend. The bears were concerned that some sort of deal may be reached with regards to Spain, and they didn’t want to be caught on the short side of the market.
For the day, the Dow Jones Industrial Average was up 93 points to close at 12,553. The S&P 500 was up 10 points to finish the day at 1325. Gold was up $7.70 to trade at $1595 per ounce, and oil was up $.50 for the day to trade at $84.32 per barrel WTI. The S&P 500 finished right at the resistance area of 1320 to 1325. We’ll see if it can break free and work higher next week.
Eyes will be on China this weekend as they report several economic numbers and of course there are rumors that some sort of deal may be forthcoming in the Eurozone. How all this plays out will dictate how we begin trading on Monday. In the meantime, we’ll enjoy the week that just was, and be glad that we broke the losing streak we had been on for several weeks.
Have a great weekend everyone.
