^Friends

It was quite a day for the market averages as the Dow, the S&P and the Nasdaq all posted gains of more than 2%. Despite disappointing post earnings action from Google and Amazon this week, the bulls decided to buy seemingly everything else. The Dow moved above 50,000 for the first time in history. You might remember me reminiscing about the Dow Jones Industrial Average have been around 1200 when I started in the business in 1985. 1200 to 50,000 is quite a ride. Sure, there have been a few bumps along the way- LOL.

Anyway, as for today by the close the Dow Jones Industrial Average was up 1206 points to finish the day at 50,115. The S&P 500 was up 133 points to close at 6,932. The Nasdaq Composite Index was up 490 points to close at 23,031. Gold was up $77 to trade at $4,966 per ounce, while oil was up $.12 to trade at $63.41 per barrel WTI.

We have seen an amazing broadening of the market with the equal weighted S&P hitting all time highs while the big tech names take a breather. That’s a good thing and something we were looking for. For the moment it’s not 7 to 10 stocks carrying the water for everyone else. Now it’s everyone else carrying the water for those 7 to 10 stocks. That’s worth marinating some ice cubes this weekend.

Have a great weekend everyone. Enjoy the Super Bowl.