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Bullish Confirmations Abound

Daily Recap

After reaching fresh new highs on Friday, stocks finally took a breather today, with most major averages heading modestly lower. Indexes in both the U.S. and Europe were weighed down by financial stocks, which were the worst performers of the day.

 

At the close, the Industrials were down 54 points but still above 19,000. The Transports, Nasdaq and S&P 500 also headed lower by roughly one-half to one percent. Utilities bucked the trend, gaining 2%.

 

Both bonds and the dollar also moved against their current trends. The dollar index lost 0.24% to close at 101.31. Treasuries gained, leaving the yield on the 10-year note at 2.31%.

 

Precious metals enjoyed a good day with both gold and silver heading higher. Gold gained $12.40, silver was up 11 cents, and platinum rose $15. Miners rallied even stronger with XAU up 3.24%.

 

There was no major U.S. economic data scheduled for release today.

 

 

Bullish Confirmations Abound

By Matthew Kerkhoff

 

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