Turnaround Tuesday?


Stocks bounced back a little bit today putting an end to the losing streak that we have seen over the past several sessions. Whether it was a convincing turnaround or not may lie in the eye of the beholder. Nevertheless, the bulls did come off the sidelines to nibble at some of the recently blown up momentum names helping the NASDAQ regain a piece of what has been lost over the previous trading sessions.

By the close, the Dow Jones Industrial Average was up 10 points to finish the day at 16,256. The S&P 500 was up 6 to close at 1851. Gold was up $9 to trade at $1308 per ounce, while oil was up $2.06 to trade at $102.50 per ounce WTI.

Earnings season begins after the close of trading today with our normal leadoff hitter Alcoa’s report. Over the next few weeks we’ll see how bad weather affected companies bottom lines and how CEO’s feel about the near future. It should be an interesting few weeks. Stay tuned.

Our quarterly update was emailed today. Keep a look out for it. As always a hard copy will be sent to clients.

Have a nice evening everyone.

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