Commenting on Friday’s trading which saw record highs for many stock indices, Gorilla Trades strategist Ken Berman said:
We had a typical bullish consolidation day on Friday, and the fact that the major indices finished at their intraday highs shows how eager bulls are to buy every dip.
The major indices closed mostly higher on Friday, following a choppy and quiet session, as stocks held onto their lofty gains from Thursday despite the weaker-than-expected economic releases. The Dow was up 50, or 0.2%, to 29,348, the Nasdaq gained 32, or 0.3%, to 9,389, while the S&P 500 fell by 13, or 0.4%, to 3,330. Decliners outnumbered advancing issues by a less than 5-to-4 ratio on the NYSE, where volume was slightly below average.
Record highs for S&P500, DJI and NASDAQ
The signing of the ‘phase one’ trade deal between the U.S. and China dominated headlines this week, and while the initial reaction to the final version fo the agreement was mixed, at best, the week ended on a clearly positive note. …