Up and up we go!
It’s been an all bull week after Monday’s weak start and we’re up 600 points (2.4%) on the Dow (despite BA falling apart), to 25,900 though that’s nothing compared to the S&P 500’s 5.5% rise from 2,730 on Friday to 2,825 at yesterday’s close.
Are things 5.5% better than they were last Friday? What can you think of that’s changed for the better? If you can’t think of 3 things – or at least one really good one – you have to question WTF the market is doing…
The Nasdaq was at 6,975 last Friday and this morning we’re looking at 7,310, which is up 335 points and that’s 4.8% while the Russell bottomed out at 1,520 and is now 1,560 – that’s just 2.6% and we can’t blame Boeing for that one, can we? And, let’s not forget that a 2.5% gain in the Dow still doesn’t get us back to where we were at February Expiration Day (15th):
Still, without BA dragging the Dow, we’d be up 5% on the majors and that’s a pretty good week though today is Options Expiration Day so it’s not over yet. We do have strong-looking Futures at the moment (8:30) and I don’t see any news likely to derail things though there was a terrorist attack against 2 New Zealand Mosques where 49 people were killed and dozens more injured by explosions.
Not that the market cares about such things – especially when they happen far away to people we don’t know but it should remind us that the World is still a bit unstable and we shouldn’t be pricing stocks as if we don’t have a care in the World about the future…