What a difference a day makes. Buyers seemed interested again today, whether emboldened by decent earnings from a couple of major banks, or just doing a little bargain hunting, stocks traded in positive territory for the entire session. It will be interesting to see if it will last for more than a day.
By the close, the Dow Jones Industrial Average was up 115 points to close at 16,373. The S&P 500 was up 19 points to finish the day at 1838. Gold was down $8 to trade at $1243 per ounce, while oil was up $.63 to trade at $92.43 per barrel WTI.
Expect this earnings season to produce some dramatic moves in selected shares, as many stocks are priced for perfection and will disappoint, while there are those who are priced for disappointment and will surprise to the upside. It seems likely we will see more volatility over the next couple of weeks, especially in individual names. We’ll look to take advantage of any unwarranted (in our view) dislocation.
Have a nice evening everyone.