Despite oil surging past $112.00 per barrel today and the United States government potentially shutting down, the Dow actually finished the week slightly up (chart), while the S&P 500 (chart) and Nasdaq (chart) both finished the week modestly lower. I know this sounds like a broken record but the markets simply refuse to go down. Between the ongoing geopolitical turmoil in the Middle East and North Africa, crude oil making new 52 week highs, the tragedy in Japan and now a pending U.S. government shutdown, one would think we would be in the middle of a significant correction, right? I don’t completely get this however I do know better than to fight the tape or to stand in front of a freight train! My friends this has to go down as one of the most resilient bull markets in history! Next week kicks off first quarter earnings reporting season so I am expecting volatility to come back into stocks over the next several weeks.
Have a wonderful weekend 🙂