Relief Rally

Friends

As some foreign exchange trading firms try to pick up the pieces after yesterday’s Swiss shocker, the stock market experienced a somewhat tamer trading session, as market participants seemed somewhat wrung out from this week’s unbelievable action. Oh don’t get me wrong, there was some volatility, but there never seemed to be the frantic action that we saw in the previous four trading sessions. Then, as the afternoon wore on the bulls decided to look for some bargains and pushed the already positive session even higher.

By the close, the Dow Jones Industrial Average was up 190 points to finish the day at 17,511. The S&P 500 was up 26 points to close at 2019. Gold was up $11 points to trade at $1276 per ounce, while oil was up $2.23 to trade at $48.48 per barrel WTI.

With the MLK holiday on Monday, we’ll be back at it on Tuesday. Next week traders will be watching the ECB to see if real QE will be introduced. This was quite a week. Let’s catch our breath and get ready for next week.

Have a great weekend everyone.

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