Despite another lousy retail sales report, stocks rallied on what was a relatively quiet day in terms of global headlines. Stocks headed higher from the opening bell and the bulls were able to hang on to nice gains throughout the trading session.
By the close, the Dow Jones Industrial Average was up 91 points to close at 16,651. The S&P 500 was up 12 points to finish the day at 1946. Gold was up $2 to trade at $1313 per ounce, while oil was up $.02 to trade at $97.39 per barrel WTI.
I think the bulls need to recapture 1950 on the S&P before the bears get too worried, but if they forge through that level this week, the bears may be forced to scramble. Of course, global headlines can change market sentiment in an instant, so I’m not sure the bulls want to get too comfortable either. Let’s see how the rest of the week plays out.
Have a nice evening everyone.