This is it.
The Bull market has been so firmly established by market fundamentals, charts and Dow Theory (see yesterday's post) that there can be no denying the US stocks are in the midst of a major bull run.
After the banking meltdown of last September through November, the ultimate third wave crash ending on March 9, 2009 and the resulting snapback, 6-month rally, bulls are once more in complete control over the stock markets.
Thursday's trade was the fifth consecutive winner on Wall Street and further confirmation of a secondary trend wave. The closing price on the Dow today was 9,627.48, which is two points better than the interim top on November 4 of 9625.28. Charts do not lie. This is a further confirmation of the bullish trend. For more convincing, see the double top in the point and figure chart formation here.
The Dow Jones Industrials closed at a 10-month high, the NASDAQ at another 11-month high and the S&P 500 at an 11-month high (October 6, 2008).
Stocks were led by the transportation and basic materials, though all twelve sectors were positive. The laggards were financial, healthcare and utilities.
Dow 9,627.48, +80.26 (0.84%)
NASDAQ 2,084.02, +23.63 (1.15%)
S&P 500 1,044.14, +10.77 (1.04%)
NYSE Composite 6,850.81, +78.41 (1.16%)
Simple indicators were screaming buy to anyone who would listen. Advancers beat decliners, 4663-1765. New lows were trampled by new highs, 351-80. Volume continued yesterday's trend with the NASDAQ showing very strong trading activity (nearly 80% up) with the NYSE lagging still, though most of the volume was on the sell side, as were the vast majority of new lows (74-6).
NYSE Volume 1,580,281,000
NASDAQ Volume 2,483,736,000
Commodities were mixed, with oil gaining 64 cents, to $71.94; gold off 30 cents, at $996.80, and silver up 20 cents to $16.67.
Markets were buoyed by improving unemployment claims. Both initial and continuing claims were lower in the most recent data week.
Bulls are in control, with price targets for the S&P ranging from 1100 to 1250, and 10,500 to 10,900 on the Dow.
Thursday, September 10, 2009
Wednesday, September 9, 2009
Fed Slows Rally; Re-Examining Dow Theory
Those of us over 30 years of age remember the stock market before the advent of internet trading. If you're over 40, you can recall what the stock market was like prior to CNBC. If you're over 50, like me (disclosure: I turn 56 in December, God willing), you can recall much of what the market was like in the 1960s and 1970s, when investing was done mostly by a well-heeled, upper crusty wealthy class of people.
First there were mutual funds, which brought the average Jane and Joe into the stock trading mix, followed about a decade later by IRAs and 401k retirement plans which got more people into the game, circa 1974. Now, as they like to say in poker rooms, we're "all in" the stock market, thus the 24-hour coverage, unlimited internet access to trading, insight, chat rooms, etc., and the requisite madness that ensues when large funds jump in or out of positions.
With everyone (well, 60-70% of the adult population) now focused daily on what the stock market does, the indices have become less predictive and more reactionary. Witness today's release at 2:00 pm of the Fed's Beige Book, which outlines the economic landscape in the twelve districts of the Federal Reserve Bank. All the indices were sporting healthy gains (the Dow was up more than 60 points) when the data was released, but by 2:20 most of those had evaporated into thin air. After 3:00, however, investors saw more optimism than at first blush and moved the averages higher for the 4th straight session with the 9500 level on the Dow serving as support.
The Fed governors were not very enthusiastic in their assessment of the economic situation as of the end of August, but it was a rather measured account, with many of the regions showing increased activity in manufacturing and some stabilizing of prices in residential real estate. Consumer sales, however, were slow, and commercial real estate continues to slump. Overall, it was a pretty bland, mixed report, with little news and investors took it in stride.
Today's actions gets us back to our core argument: that the markets have become more reactionary rather than predictive. Little jolts of news bites over CNBC rattle traders in one direction or the other, with little to do with fundamentals. It's almost as though a third-grade mentality has permeated the caverns of commerce.
Nonetheless, the markets droned on today, stopping short of the Dow 2009 high (9580), which brings into play another burning question: are we in a new bull market or is this a bear market rally?
A few weeks back, I looked over the data from the past two years and determined that stocks may have to move higher - especially the Dow Jones Transports - to declare a new bull, but after closer inspection, I am going to make the call that we are already in a new bull market. Now, if I am wrong, recall that Richard Russell, the publisher of the "Dow Theory Letters" and a man for whom I have tremendous respect and admiration, actually made a bad call in 2007, declaring that we were not entering a bear market. It took a year, but the evidence was more than convincing that Russell was wrong. So, should my call prove to be off, be reminded that even the most astute and brightest people sometimes err.
To save everyone from the boring details of my analysis, here are the facts:
9034.69 was the recovery high for the Down Jones Industrials on January 2, 2009. 3717.26 was the January 2nd, 2009 recovery high for the Dow Jones Transports. Both of these numbers came after the second wave of the bear market, the most tumultuous part, from September to November, 2008. The initial phase was from October 2008 to September 2009, and the final leg was from November, 2008 to March, 2009. Anyone still thinking a double-dip downturn is in our immediate future better pay more attention to details. The third leg of the bear ended March 9. Today is the 6-month anniversary of that turning point. The Dow Jones Industrials entered bull market territory on July 23, when it closed at 9069.29. The Transportation Average confirmed when it finished business at 3749.58 on August 7. So, we've been in a confirmed bull market for more than a month already. My apologies for getting it right so late, but at least I now have it on the money.
Dow 9,547.22, +49.88 (0.53%)
Nasdaq 2,060.39, +22.62 (1.11%)
S&P 500 1,033.37, +7.98 (0.78%)
NYSE Composite 6,772.40, +46.33 (0.69%)
Our simple indicators are now screaming BUY. Advancers beat back decliners, 4556-1863, and new highs bested new lows, 316-62, the largest margin in two years. Volume turned up strongly after the Beige Book release, though most of it was on the NASDAQ. Much of that sell-off was likely repositioning, and traders got right back in later in the session, albeit in different stocks, shifting mostly from energy and consumer discretionary into materials, industrials and financials, though all twelve sectors showed gains.
NYSE Volume 1,329,853,000
Nasdaq Volume 2,524,738,000
Commodities took the worst of it as crude oil gave back larger gains to finish at $71.31, up a mere 21 cents. The level between $68 and $75 has maintained for weeks now, and that may be regarded as a benchmark pricing point. There is still simply too much slack demand for any further price appreciation in oil. Natural gas is also stuck below $3.00 and should remain there for at least another 6 months. There's nothing better than cheap fuel to hasten a recovery and prices should remain muted. So too with gold, which lost $2.70, to finish at $997.10, and silver, off 4 cents, to $16.47.
Those new high-new low figures are simply stunning. One should expect a major breakout any day with a quick run to Dow 10,000 by no later than October 10. All of the elements are lining up for a solid recovery. Dow Theory has confirmed, simple indicators have confirmed. What else need I say?
First there were mutual funds, which brought the average Jane and Joe into the stock trading mix, followed about a decade later by IRAs and 401k retirement plans which got more people into the game, circa 1974. Now, as they like to say in poker rooms, we're "all in" the stock market, thus the 24-hour coverage, unlimited internet access to trading, insight, chat rooms, etc., and the requisite madness that ensues when large funds jump in or out of positions.
With everyone (well, 60-70% of the adult population) now focused daily on what the stock market does, the indices have become less predictive and more reactionary. Witness today's release at 2:00 pm of the Fed's Beige Book, which outlines the economic landscape in the twelve districts of the Federal Reserve Bank. All the indices were sporting healthy gains (the Dow was up more than 60 points) when the data was released, but by 2:20 most of those had evaporated into thin air. After 3:00, however, investors saw more optimism than at first blush and moved the averages higher for the 4th straight session with the 9500 level on the Dow serving as support.
The Fed governors were not very enthusiastic in their assessment of the economic situation as of the end of August, but it was a rather measured account, with many of the regions showing increased activity in manufacturing and some stabilizing of prices in residential real estate. Consumer sales, however, were slow, and commercial real estate continues to slump. Overall, it was a pretty bland, mixed report, with little news and investors took it in stride.
Today's actions gets us back to our core argument: that the markets have become more reactionary rather than predictive. Little jolts of news bites over CNBC rattle traders in one direction or the other, with little to do with fundamentals. It's almost as though a third-grade mentality has permeated the caverns of commerce.
Nonetheless, the markets droned on today, stopping short of the Dow 2009 high (9580), which brings into play another burning question: are we in a new bull market or is this a bear market rally?
A few weeks back, I looked over the data from the past two years and determined that stocks may have to move higher - especially the Dow Jones Transports - to declare a new bull, but after closer inspection, I am going to make the call that we are already in a new bull market. Now, if I am wrong, recall that Richard Russell, the publisher of the "Dow Theory Letters" and a man for whom I have tremendous respect and admiration, actually made a bad call in 2007, declaring that we were not entering a bear market. It took a year, but the evidence was more than convincing that Russell was wrong. So, should my call prove to be off, be reminded that even the most astute and brightest people sometimes err.
To save everyone from the boring details of my analysis, here are the facts:
9034.69 was the recovery high for the Down Jones Industrials on January 2, 2009. 3717.26 was the January 2nd, 2009 recovery high for the Dow Jones Transports. Both of these numbers came after the second wave of the bear market, the most tumultuous part, from September to November, 2008. The initial phase was from October 2008 to September 2009, and the final leg was from November, 2008 to March, 2009. Anyone still thinking a double-dip downturn is in our immediate future better pay more attention to details. The third leg of the bear ended March 9. Today is the 6-month anniversary of that turning point. The Dow Jones Industrials entered bull market territory on July 23, when it closed at 9069.29. The Transportation Average confirmed when it finished business at 3749.58 on August 7. So, we've been in a confirmed bull market for more than a month already. My apologies for getting it right so late, but at least I now have it on the money.
Dow 9,547.22, +49.88 (0.53%)
Nasdaq 2,060.39, +22.62 (1.11%)
S&P 500 1,033.37, +7.98 (0.78%)
NYSE Composite 6,772.40, +46.33 (0.69%)
Our simple indicators are now screaming BUY. Advancers beat back decliners, 4556-1863, and new highs bested new lows, 316-62, the largest margin in two years. Volume turned up strongly after the Beige Book release, though most of it was on the NASDAQ. Much of that sell-off was likely repositioning, and traders got right back in later in the session, albeit in different stocks, shifting mostly from energy and consumer discretionary into materials, industrials and financials, though all twelve sectors showed gains.
NYSE Volume 1,329,853,000
Nasdaq Volume 2,524,738,000
Commodities took the worst of it as crude oil gave back larger gains to finish at $71.31, up a mere 21 cents. The level between $68 and $75 has maintained for weeks now, and that may be regarded as a benchmark pricing point. There is still simply too much slack demand for any further price appreciation in oil. Natural gas is also stuck below $3.00 and should remain there for at least another 6 months. There's nothing better than cheap fuel to hasten a recovery and prices should remain muted. So too with gold, which lost $2.70, to finish at $997.10, and silver, off 4 cents, to $16.47.
Those new high-new low figures are simply stunning. One should expect a major breakout any day with a quick run to Dow 10,000 by no later than October 10. All of the elements are lining up for a solid recovery. Dow Theory has confirmed, simple indicators have confirmed. What else need I say?
Tuesday, September 8, 2009
September Swoon? Think Again
US stocks made good gains on the first full day of post-holiday trading. Seemingly, not enough investors received notice that September is a bad month for stocks. Notwithstanding last year's debacle, it may take iron wills to keep the current rally going, though after a brief pullback in the prior week, the major indices seem to have shaken off much of the pessimism being preached at the school of the short. In fact, the one big down day seems to have been simply repositioning by large traders, who took profits and shifted risk from one sector to another.
While the rally of Friday just past may have been tied to some short-covering in advance of the three-day weekend, there was little doubt about the direction on Tuesday as the Dow, NASDAQ and S&P all opened positive and remained to the upside throughout the session. The Dow ended within shouting distance of the high for the year, which is 9580.63, achieved on August 27.
In the broader markets, the gains were substantial, with the NYSE Composite sporting a 1.34% increase on the day. The NASDAQ closed at an 11-month high.
Dow 9,497.34, +56.07 (0.59%)
NASDAQ 2,037.77, +18.99 (0.94%)
S&P 500 1,025.39, +8.99 (0.88%)
NYSE Composite 6,726.07, +88.94 (1.34%)
Simple indicators are shouting "buy" again, as advancers beat down decliners, 4478-1926, and new highs outpaced new lows, 271-58. The high-low indicator has headed in a direction that has not been seen in over two years, where the number of daily new highs have exceeded new lows for more than a month without a break. As simple an indicator as can be imagined, this one has been reliably predicting rises and falls since August of 2007 and it is now saying that the rally will continue. Even though the pace may be slow, it shows every sign that it will be steady. Volume, once again, was on the low side, though this has become the norm - around 2 billion shares on the NASDAQ and between 1.3 and 1.7 billion on the NYSE.
NYSE Volume 1,396,714,000
NASDAQ Volume 2,010,061,000
While stocks continued their climb for the third straight session, commodities were gaining in price as well. Crude oil surged $3.08, to $71.10; gold traded above $1000 for the first time in over a year, closing at $999.80, up $3.10. Silver has had an impressive run of late as well, closing today at $16.51, up another 23 cents.
Despite the howls from the doom-and-gloomers, all asset classes seem to be on the rise again as the world economies crawl back from the brink of economic catastrophe. Since price realization is a matter better handled by artists than statisticians, the maintenance of smoothly-functioning markets has brought back some level of speculation, though it has been extremely cautious over the past three to four weeks. Investors are still working with a backdrop of last fall and winter and even the crises of 9/11 and the dotcom bubble-bursting are still fresh in many psyches.
It will take some time before full optimism returns to markets and consumers alike, though by the time that occurs, most of the good gains will have been taken. The recent run up demonstrates that most traders believe the worst of the "depression-scare" is behind us. Conspiracy theorists will contend that the entire September surprise of 2008 was a massive swindle by the banks on the American public and designed to elect a Democratic president. They may be on to something, and, if correct, then only good times lie ahead for the US economy.
There is a mountain of debt to overcome, however, and, at the federal and state levels, that debt is still building. Government coffers are going to have to be replenished, and soon, before the aging populace - especially the fast-approaching retirees from the baby boomer generation - devours all accumulated wealth and leaves future generations high and dry. That scenario will take years to play out, though, and the best guesses by the geniuses in their ivory towers in NYC and DC are that the US economy will once more regain prominence.
Those discussions are better suited for late-evenings over beers and sandwiches. For now, the recovery seems to be well underway, with the best parts still ahead. We're now in the final month of the 3rd quarter. Expectations are high that the economy - as measured by GDP - will show a positive number for the quarter. As most seasoned players will concede, we won't know whether we're out a the recession until it's over, but there continues to be considerable signage alone recovery road to suggest that plus signs will stand in front of the next-released numbers.
As for the September theories, they seem not to apply presently. The conditions are vastly different than when most historic declines occurred. While some pullback seems inevitable, nothing really is, and the party continues.
While the rally of Friday just past may have been tied to some short-covering in advance of the three-day weekend, there was little doubt about the direction on Tuesday as the Dow, NASDAQ and S&P all opened positive and remained to the upside throughout the session. The Dow ended within shouting distance of the high for the year, which is 9580.63, achieved on August 27.
In the broader markets, the gains were substantial, with the NYSE Composite sporting a 1.34% increase on the day. The NASDAQ closed at an 11-month high.
Dow 9,497.34, +56.07 (0.59%)
NASDAQ 2,037.77, +18.99 (0.94%)
S&P 500 1,025.39, +8.99 (0.88%)
NYSE Composite 6,726.07, +88.94 (1.34%)
Simple indicators are shouting "buy" again, as advancers beat down decliners, 4478-1926, and new highs outpaced new lows, 271-58. The high-low indicator has headed in a direction that has not been seen in over two years, where the number of daily new highs have exceeded new lows for more than a month without a break. As simple an indicator as can be imagined, this one has been reliably predicting rises and falls since August of 2007 and it is now saying that the rally will continue. Even though the pace may be slow, it shows every sign that it will be steady. Volume, once again, was on the low side, though this has become the norm - around 2 billion shares on the NASDAQ and between 1.3 and 1.7 billion on the NYSE.
NYSE Volume 1,396,714,000
NASDAQ Volume 2,010,061,000
While stocks continued their climb for the third straight session, commodities were gaining in price as well. Crude oil surged $3.08, to $71.10; gold traded above $1000 for the first time in over a year, closing at $999.80, up $3.10. Silver has had an impressive run of late as well, closing today at $16.51, up another 23 cents.
Despite the howls from the doom-and-gloomers, all asset classes seem to be on the rise again as the world economies crawl back from the brink of economic catastrophe. Since price realization is a matter better handled by artists than statisticians, the maintenance of smoothly-functioning markets has brought back some level of speculation, though it has been extremely cautious over the past three to four weeks. Investors are still working with a backdrop of last fall and winter and even the crises of 9/11 and the dotcom bubble-bursting are still fresh in many psyches.
It will take some time before full optimism returns to markets and consumers alike, though by the time that occurs, most of the good gains will have been taken. The recent run up demonstrates that most traders believe the worst of the "depression-scare" is behind us. Conspiracy theorists will contend that the entire September surprise of 2008 was a massive swindle by the banks on the American public and designed to elect a Democratic president. They may be on to something, and, if correct, then only good times lie ahead for the US economy.
There is a mountain of debt to overcome, however, and, at the federal and state levels, that debt is still building. Government coffers are going to have to be replenished, and soon, before the aging populace - especially the fast-approaching retirees from the baby boomer generation - devours all accumulated wealth and leaves future generations high and dry. That scenario will take years to play out, though, and the best guesses by the geniuses in their ivory towers in NYC and DC are that the US economy will once more regain prominence.
Those discussions are better suited for late-evenings over beers and sandwiches. For now, the recovery seems to be well underway, with the best parts still ahead. We're now in the final month of the 3rd quarter. Expectations are high that the economy - as measured by GDP - will show a positive number for the quarter. As most seasoned players will concede, we won't know whether we're out a the recession until it's over, but there continues to be considerable signage alone recovery road to suggest that plus signs will stand in front of the next-released numbers.
As for the September theories, they seem not to apply presently. The conditions are vastly different than when most historic declines occurred. While some pullback seems inevitable, nothing really is, and the party continues.
Friday, September 4, 2009
Markets Refuse to Buckle
Though just about everybody waited until Friday morning's release of non-farm payroll data from the Labor Dept., the anticipation was overblown as the numbers came in better than expected and were presaged by Wednesday's ADP private payroll report.
The Labor Department reported a loss of 216,000 jobs in August, the lowest level in 12 months. The unemployment rate ticked up to 9.7%, though that didn't seem to bother investors as stocks made gradual gains through the first four hours of trading and then leveled off into the close, prior to the long holiday weekend. Markets are closed Monday in observance of Labor Day.
Dow 9,441.27, +96.66 (1.03%)
NASDAQ 2,018.78, +35.58 (1.79%)
S&P 500 1,016.40, +13.16 (1.31%)
NYSE Composite 6,637.13, +90.53 (1.38%)
Even though volume was extremely light, stocks still ramped up across the board. Advancers beat back decliners, 4937-1455. There were 152 new highs and just 39 new lows, indicating that not only has the much-ballyhooed "correction" not taken place, it may be replaced by a continuation of the 6-month-old rally that continues to arch toward a full-blown bull market.
NYSE Volume 1,154,949,000
NASDAQ Volume 1,743,171,000
In the commodity markets, the metals relaxed following huge price gains this week. Gold was down $1.00, to $$996.70, while silver shed a penny, to close the week at $16.29. Crude oil for October delivery gained just 6 cents, to finish at $68.02.
When all was said and done, stocks gained back almost all of the losses suffered on Tuesday and appear to have stabilized into a consolidated trading range. The next move, unless some economic data appears to contradict recent reports, should be again to the upside. The short breather over the past two weeks has given traders time to take profits, rotate into other secotrs and stake out new positions.
September, usually a dour month, may turn out to be something much better than expected. Stocks are only down marginally and the charts seem to be indicating another surge to the upside is in short order.
The Labor Department reported a loss of 216,000 jobs in August, the lowest level in 12 months. The unemployment rate ticked up to 9.7%, though that didn't seem to bother investors as stocks made gradual gains through the first four hours of trading and then leveled off into the close, prior to the long holiday weekend. Markets are closed Monday in observance of Labor Day.
Dow 9,441.27, +96.66 (1.03%)
NASDAQ 2,018.78, +35.58 (1.79%)
S&P 500 1,016.40, +13.16 (1.31%)
NYSE Composite 6,637.13, +90.53 (1.38%)
Even though volume was extremely light, stocks still ramped up across the board. Advancers beat back decliners, 4937-1455. There were 152 new highs and just 39 new lows, indicating that not only has the much-ballyhooed "correction" not taken place, it may be replaced by a continuation of the 6-month-old rally that continues to arch toward a full-blown bull market.
NYSE Volume 1,154,949,000
NASDAQ Volume 1,743,171,000
In the commodity markets, the metals relaxed following huge price gains this week. Gold was down $1.00, to $$996.70, while silver shed a penny, to close the week at $16.29. Crude oil for October delivery gained just 6 cents, to finish at $68.02.
When all was said and done, stocks gained back almost all of the losses suffered on Tuesday and appear to have stabilized into a consolidated trading range. The next move, unless some economic data appears to contradict recent reports, should be again to the upside. The short breather over the past two weeks has given traders time to take profits, rotate into other secotrs and stake out new positions.
September, usually a dour month, may turn out to be something much better than expected. Stocks are only down marginally and the charts seem to be indicating another surge to the upside is in short order.
Thursday, September 3, 2009
Bulls Take Initiative; Economic Outlook More Positive
It's a big world and US investors seem to be gaining confidence - little by little - in certain companies' ability to deliver goods and/or services at a profit. While governments enjoy the luxury of fiscal irresponsibility, running enormous deficits, businesses are treated rather differently, especially on Wall Street, where no earnings equals no share price. There are enough good companies listed on the major exchanges to continue the current long term upward trend for many more months, notwithstanding the effects of macroeconomic factors, especially job growth and capital formation.
The recovery in progress is one of the more quiet in recent recollection. Many analysts and investors don't even believe it's at all real, that the economy will sink back to less-than-optimum conditions, such as existed in the fall of 2008 and the winter of 2009. Unfortunately, the conditions present then are not even an approximation of economic reality today. Nothing stays down forever; nothing moves in a straight line; no indicator is infallible. We tend to trust ours, as much as our own eyes and ears some times, and that's a danger, but Thursday came in pretty much as expected. Some bulls got a little anxious and moved enough stocks ahead to finish with all the major averages sporting reasonable gains.
Dow 9,344.61, +63.94 (0.69%)
NASDAQ 1,983.20, +16.13 (0.82%)
S&P 500 1,003.24, +8.49 (0.85%)
NYSE Composite 6,546.60, +71.81 (1.11%)
Advancing issues rolled past decliners, 4477-1789. It was a nice little turn aided by some nervous short covering. Betting against rallies can be hazardous to your portfolio and this one is no exception. Economic reports have been neutral to good, evincing signs of a nascent recovery. It's not pretty... yet. New highs also led new lows, 114-46, on now normal, low volume.
NYSE Volume 4,624,282,000
NASDAQ Volume 1,905,575,000
While oil was barely changed, down 9 cents, to $67.96, the metals were skyrocketing. Gold bounded ahead $19.20, while silver added a massive 93 cents, to close at $16.29, a 12-month high.
Friday gets off with either a bang or a yawn as the August non-farms payroll data is released prior to the bell. Heading into the last holiday of summer, there probably won't be a huge reaction in the markets and the afternoon is usually dull. The markets are stabilized as much as possible with sentiment leaning in both directions. It's a nice set-up if your a prudent bull.
The recovery in progress is one of the more quiet in recent recollection. Many analysts and investors don't even believe it's at all real, that the economy will sink back to less-than-optimum conditions, such as existed in the fall of 2008 and the winter of 2009. Unfortunately, the conditions present then are not even an approximation of economic reality today. Nothing stays down forever; nothing moves in a straight line; no indicator is infallible. We tend to trust ours, as much as our own eyes and ears some times, and that's a danger, but Thursday came in pretty much as expected. Some bulls got a little anxious and moved enough stocks ahead to finish with all the major averages sporting reasonable gains.
Dow 9,344.61, +63.94 (0.69%)
NASDAQ 1,983.20, +16.13 (0.82%)
S&P 500 1,003.24, +8.49 (0.85%)
NYSE Composite 6,546.60, +71.81 (1.11%)
Advancing issues rolled past decliners, 4477-1789. It was a nice little turn aided by some nervous short covering. Betting against rallies can be hazardous to your portfolio and this one is no exception. Economic reports have been neutral to good, evincing signs of a nascent recovery. It's not pretty... yet. New highs also led new lows, 114-46, on now normal, low volume.
NYSE Volume 4,624,282,000
NASDAQ Volume 1,905,575,000
While oil was barely changed, down 9 cents, to $67.96, the metals were skyrocketing. Gold bounded ahead $19.20, while silver added a massive 93 cents, to close at $16.29, a 12-month high.
Friday gets off with either a bang or a yawn as the August non-farms payroll data is released prior to the bell. Heading into the last holiday of summer, there probably won't be a huge reaction in the markets and the afternoon is usually dull. The markets are stabilized as much as possible with sentiment leaning in both directions. It's a nice set-up if your a prudent bull.
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