Impressive Reversal


Well today was different. After a sizable 250 point Dow tumble in early trading, oil reversed on positive inventory news and stocks staged an impressive reversal rally.

By the close, the Dow Jones Industrial Average was up 53 points to finish the day at 16,484. The S&P 500 was up 8 points to close at 1929. Gold was up $7.30 to trade at $1,229 per ounce, while oil was up a fraction to trade at $32.22 per barrel WTI.

Perhaps neither the Bulls nor the Bears will have the upper hand in here. We might just be developing a trading range with resistance at 1950 and support at 1812. Yes, that is a wide range, but we live in interesting times.

Have a nice evening everyone.

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