Impressive Reversal

Friends

It looked like the bears were firmly entrenched on the high ground as stocks tumbled once again at the open. But, as the trading session wore on the bulls were able to take the hill and send the bears scurrying into the woods. Translated, stocks dropped over 400 Dow points in early trading but ended nicely to the upside by the end of the day. Not much really changed throughout the day, but the beaten down energy and financial sectors turned on a dime and helped move the market averages higher.

By the close, the Dow Jones Industrial Average was up 377 points to finish the day at 23,625. The S&P 500 was up 32 points to close at 2,852. Gold was up $21 to trade at $1,737 per ounce, while oil was up $2.07 to trade at $27.36 per barrel WTI.

The weekly jobless claims number once again was a disaster, but, once again, that was not unexpected. In total, today’s reversal in stocks was rather impressive given there was really no reason for it. Let’s see how we finish up the week tomorrow.

Have a nice evening everyone.

Jim

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