Friends

If the bears thought that maybe yesterday was the start of something big, they were thoroughly disappointed by today’s market action. Ok, the Nasdaq did struggle for a good portion of the trading session, but despite weakness in some big tech names even it was able to erase early losses . The big winner was the Dow – up more than 875 points. Lower oil prices and lower bond yields lit the fire early on, but the move in the Dow continued to gain momentum throughout the trading session.

By the close, the aforementioned Dow Jones Industrial Average was up 875 points to finish the day at 51,562. The S&P 500 was up 30 points to close at 7,584. The Nasdaq Composite Index was down 23 points to close at 26,830. Gold was up $38 to trade at $4,505 per ounce, while oil was down $2.89 to trade at $93.13 per barrel WTI.

I like to see a rotation like we did today. It’s nice when the move broadens out to areas that have been somewhat left behind. Anyway, let’s see how the week finishes out tomorrow.

Have a nice evening everyone.

Jim