The Amnesia Effect


Market participants have short memories from day to day. Yesterday looked like the start of something not so pleasant, but as we kicked off May, the bulls were right back at it. The amnesia effect. Stocks rallied right from the opening and held their gains for the entire trading session.

By the close, the Dow Jones Industrial Average was up 183 points to finish the day at 18,024. The S&P 500 was up 22 points to close at 2108. Gold was down $8 to trade at $1173 per ounce, while oil was down $.32 to trade at $59.31 per barrel WTI.

So May gets off to a nice start, but when we come in on Monday, who knows what to expect. We’ll get the all-important jobs data next week, which is obviously an important data point for the Fed and traders alike. Let’s see if the bulls really started something today, or will today’s move be all but forgotten by Monday morning.

Have a great weekend everyone. Enjoy the Derby, the fight, the draft or just enjoy the great weather.

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