Melting Up

Friends

Stocks had another really good day as the momentum to the upside continues. It is starting to feel a little late in the move, but the fear of missing out is strong and you can almost feel the capitulation on a daily basis. The ADP private payroll number wasn’t as bad as expected, but  stocks were already leaning higher, and quite frankly data points are not what is moving this market. See this morning’s video for more on that.

For the day, the Dow Jones Industrial Average was up 527 points to close at 26,269. The S&P 500 was up 42 points to finish the day at 3,122. Gold was down $33 to trade at $1,700 per ounce, while oil was up $.05 to trade at $36.86 per barrel WTI.

As discussed, the melt up in stock prices is fascinating to watch while at the same time we watch rioting, looting and general chaos in the streets of American cities. Let’s see if the bulls can keep this amazing run going.

Have a nice evening everyone.

 

 

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