Market Summary (continued)
SP500, SP400, RUTX put forth respectable moves off the lows in their pullbacks. Even DJ30 did pretty well considering IBM was another massive drag upon that index with a 2.5% loss after Buffett revealed he had sold a third of his position (and since then I would bet he has sold more of his position but that won't be revealed until he absolutely has to).
They were not huge breaks higher, but they were showing the right moves as SP500 cleared the highs in its 2 week lateral consolidation. Volume was lousy, but we will give it a pass on that for the session.
SP500 9.77, 0.41%
NASDAQ 25.42, 0.42%
DJ30 55.47, 0.42%
SP400 0.83%
RUTX 0.59%
SOX 0.42%
Perhaps the jobs report at 211K versus the 180K expected and the paltry 79K from March was actually a catalyst. I don't think it hurt, but if it was a catalyst, it didn't have investors jumping for joy. Maybe in combination with the House passing a healthcare reform bill Thursday and oil not diving lower for a session it was able to help cobble together a move perhaps help some new breaks higher in the NYSE indices.
Interesting that the market did hold onto gains ahead of the French election Sunday. The belief is very US 2016-like in that everyone believes Marcon is a sure bet, primarily because the polls appeared to be an accurate gauge in the initial election. Could be, but I am reading a lot of on the ground reporting about how many groups from the LGBT to the small businesses prefer Le Pen over the perceived establishment banker candidate. We will see. If Le Pen does win, then the markets may have a Frexit fit.
SP500, SP400, RUTX put forth respectable moves off the lows in their pullbacks. Even DJ30 did pretty well considering IBM was another massive drag upon that index with a 2.5% loss after Buffett revealed he had sold a third of his position (and since then I would bet he has sold more of his position but that won't be revealed until he absolutely has to).
They were not huge breaks higher, but they were showing the right moves as SP500 cleared the highs in its 2 week lateral consolidation. Volume was lousy, but we will give it a pass on that for the session.
SP500 9.77, 0.41%
NASDAQ 25.42, 0.42%
DJ30 55.47, 0.42%
SP400 0.83%
RUTX 0.59%
SOX 0.42%
Perhaps the jobs report at 211K versus the 180K expected and the paltry 79K from March was actually a catalyst. I don't think it hurt, but if it was a catalyst, it didn't have investors jumping for joy. Maybe in combination with the House passing a healthcare reform bill Thursday and oil not diving lower for a session it was able to help cobble together a move perhaps help some new breaks higher in the NYSE indices.
Interesting that the market did hold onto gains ahead of the French election Sunday. The belief is very US 2016-like in that everyone believes Marcon is a sure bet, primarily because the polls appeared to be an accurate gauge in the initial election. Could be, but I am reading a lot of on the ground reporting about how many groups from the LGBT to the small businesses prefer Le Pen over the perceived establishment banker candidate. We will see. If Le Pen does win, then the markets may have a Frexit fit.
