New Highs


Stocks got off to a good start for the week, as the lack of any cataclysmic news out of Ukraine (Putin was too busy racking up six goals in a “hockey game”) allowed traders to shop in peace today. Many of the recently beaten down high flying momentum stocks bounced nicely alongside other growth names, as market averages plowed their way to new highs.

For the day, the Dow Jones Industrial Average was up 112 points to close at 16,695. The S&P 500 was up 18 points to finish the day at 1896. Gold was up $8 to trade at $1296 per ounce, while oil was up $.62 to trade at $100.61 per barrel WTI.

Despite all the hand wringing and consternation, the markets continue to hold up. No, we really haven’t busted out to the upside, but the bears just have not been able to muster any sustained offense in 2014. The bulls have been able to hold the fort each time the bears seem to have everything lined up just right. Tuesday’s have been pretty good this year. Let’s see if the bulls can follow through on today’s move.

Have a nice evening everyone.

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