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Richard's Thoughts on the Market

Daily Recap

The pattern continues, for the most part. Stocks are overbought and start to roll over, but the next thing you know, they've gotten a second wind and soar higher again. As they did today.

A ho-hum jobs report, described by some as bullish, by others as bearish, yet coming in right about as expected, got everyone's attention early on. Then a positive report on US manufacturing activity - the first increase in 6 months - helped convince traders that all is well after all. This reading was reinforced by the Fed's Loretta Mester, who thinks the economy is strong enough to handle rate increases sooner rather than later.

The bottom line is the Dow rose another 100 points or so, and is 1.4% higher on the week. Leading the charge all week long has been the NASDAQ, up 2.7% since last Friday's close.

This pattern applies also to the mining shares and, to a lesser extent, ... Log in or subscribe to continue reading.


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