Hello traders everywhere. Stocks turn mixed after the DOW hit 29,000 for the first time on Friday, ultimately hitting an all-time intra-day high of 29,009.07. Since then, the DOW has turned negative on the day and is down roughly -100 pts or -.3% heading into afternoon trading.
However, the overall weekly picture of the market looks great. The DOW is close to posting a +1% gain sitting at +.95% after hitting 29,000. The S&P 500 will post a gain over one percent with a gain of +1.3%. But they can't compete with the tech-heavy NASDAQ which will post a weekly gain over two percent at +2.1%
The U.S. economy added 145,000 jobs in December. Economists polled by Dow Jones expect the U.S. economy to have added 160,000 jobs in December. Wages also disappointed, growing by just +2.9% on a year-over-year basis. Economists had forecast a gain of +3.1%. December was also the first month since July 2018 that wages grew by less than 3% from the year before.
Crude oil prices soared early in the week after Iran fired ground-to-ground rockets at the Ain al-Assad military base in Iraq pushing oil to a high over $65 a barrel on Tuesday. Still, that spike was short-lived when president Trump announced that Iran seemed to be de-escalating their military operations, which pushed oil down over -5%, triggering a new red weekly Trade Triangle at 59.62. Overall, crude oil will lose -5.7% for the week.
Gold has fallen from a weekly high of 1,613.30, which it reached on Tuesday amidst the Iranian attack, and much like oil has come back to earth losing -2%, but it will posy a slight weekly gain of +.3%.
Bitcoin triggered a new green weekly Trade Triangle at 7,962.98, posting a weekly gain of +6.4%, but it hasn't seen much of a move higher from that level and remains in a sidelines mode trading right around the 7,900 level.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,212.03
- Dow (INDEX:DJI): 28,376.49
- NASDAQ (NASDAQ:COMP): 8,909.19
- U.S. Dollar (ICE:DX): 97.70
- Gold (NYMEX:GC.G20): 1,562.40
- Crude Oil (NYMEX:CL.G20): 60.31
- Bitcoin (BITCOIN:BITSTAMPUSD): 6,853.53