Stocks enjoyed their best day of the new year today, as early gains were actually held for more than a few minutes and then built upon later in the day. Now, before we get too excited, tomorrow we get the all-important jobs report, and that is likely to create some more volatility. Nevertheless it appeared that the bears covered some shorts going into tomorrow’s jobs number, just in case it is better than expected. We will see.
As for today, the Dow Jones Industrial Average was up 188 points to close at 15,628. The S&P 500 was up 21 points to finish the day at 1773. Gold was up less than $1 to trade at $1257 per ounce, while oil was up $.43 to trade at $97.81 per barrel WTI. The bulls need to recapture 1800 on the S&P to alleviate the damage that has been done in the early part of this year. If they can clear 1803/1804 the bears would have to reconsider the “correction” thesis.
Well, we’ll see how the jobs report turns out tomorrow. This year has already been marked by increased volatility, and my guess is that the volatility will continue. We’ll let you know how the week ends.
Have a nice evening everyone.