The Bulls attempted to overrun the 1950 level on the S&P this morning, aided by a spike in oil prices. But, the Bears were able to hold the line, at least for the moment, as oil prices gave up those early gains. After a brief scare earlier in the week, at least the Bulls were able to operate at the upper end of the trading range we had identified.
By the close, the Dow Jones Industrial Average was down 57 points to finish the day at 16,639. The S&P 500 was down 3 points to close at 1948. Gold was down $14.40 to trade at $1,224 per ounce, while oil was down a fraction to trade at $32.89 per barrel WTI.
The revision for the 4th quarter GDP was insignificant at this point, as markets again seem focused on the price of oil and an increasing cloudiness to future corporate earnings. All in all, not a bad week for Bulls. Let’s see what next week has in store.
Have a great weekend everyone.