The bears tried to make a little noise yesterday, but it wasn’t meant to be as the bulls managed to take the market higher on Thursday.
The Dow posted a 25 point gain, or 0.2%, to finish at 10,434 while the S&P 500 added a point, or 0.1%, and closed at 1,116. The Nasdaq also added a little over a point, or 0.1%, and settled at 2,307.
Yesterday should have been a nasty day given the crummy economic news we reported, and we talk a little more about this in the Members Area this morning. However, the market seems to be following the rebound in the euro which touched $1.24 on Thursday. The currency recently dipped to a 4-year low of $1.18, and we could see a rebound to $1.25, but we expect support will again come into play down the road.
The market could be a bit choppy today because of “quadruple witching,” which is the expiration of options and futures contracts. Stock index futures, stock index options, stock options and single stock futures all expire today and there is little on the docket as far as earnings and economic news. Worse yet, for the last 7 years, next week has been a terrible week following June expiration so the bears might get an early start today.
As we head to press, Dow futures are lower by 17 while the S&P 500 futures are off by 2 points. Nasdaq 100 futures are down 4 points. We have a lot to cover in our Members Area this morning so let’s get to it.]]>