A Look at Friday’s Market: The overall market finished Friday moderately higher in a relatively broad based move that saw the vast majority of the sector indices I track move higher on the day as well. There was strength in the Gold/Silver, Oil Services, Airlines, Chemicals, Broker/Dealers, Natural Gas, Oil & Gas, Banking, Biotech, Transports, Consumer, High Tech, and Retailers. There was weakness in the Telecom and Dow Jones Transportation Average. There was strength in the bond markets as interest rates moved lower. In the commodities markets, Oil was higher by $1.52 to $106.87 per barrel, and Gold was higher by $19.90 to $1,662.40 per ounce. In the grain markets, Wheat was higher by $0.080 to $6.542 per bushel, and Corn was higher by $0.020 to $6.464 per bushel, while Soybeans were higher by $0.162 to $13.656 per bushel.
A Few Thoughts on Monday’s Market: In looking at the charts from Friday’s market I noticed that a fair number of the various sector indices and individual stocks I track appear to be moving sideways and with the level of trading volume we have been seeing this could continue for a while. I think there is a good chance we could see the Dow Jones Industrial Average could continue to slowly drift lower and stabilize into a sideways trading pattern at the 12,800 level.
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