Hello Traders everywhere. The stock market was trading and trending lower for the day to close at a four-day low when all of the sudden it reversed course. The cause for the reverse, news that White House strategist Steve Bannon was dismissed from his duties by President Donald Trump.
I can't recall such a clear and distinct turnaround caused by news from the White House like today; it sure came out of nowhere.
Oil prices jumped higher Friday as the stock market strengthened and the U.S. dollar weakened. However, crude oil futures remain on track to close the week down as traders are still worried about the global oil glut.
Key levels to watch next week:
S&P 500 (CME:SP500): 2,490.87
Dow (INDEX:DJI): 21,641.63
NASDAQ (NASDAQ:COMP): 6,423.35
Gold (NYMEX:GC.Z17.E): 1,257.10
Crude Oil (NYMEX:CL.U17.E): 46.62
U.S. Dollar (NYBOT:DX.U17.E): 94.05