Markets closed up on Wall Street: DJI 0.65% SP500 0.88% Nasdaq 1.14% Gold 1.16% Oil 2.82%.
Markets were in a textbook uptrend all day. Could it be IPO lust for the white hot social media sector which is represented tomorrow by LinkedIn (LNKD)? If you said ‘yes’, at least we have your Cheat Sheet to the LinkedIn IPO. On the commodities front, Oil (NYSE:USO) got some groove back and is not flirting with $100 a barrel. Gold (NYSE:GLD) didn’t want to be shown up with its sweetheart so it’s eyeing $1,500. Silver (NYSE:SLV) threw on over 3% to the upside. Is this the Key Reason Behind Silver’s Parabolic Rise?
Fresh Off the Press: Wall St. Cheat Sheet’s newest Feature Trades of the Month>>
Today’s markets were up because:
1) A few solid earnings reports hedged the recent disappointment. Hewlett-Packard (NYSE:HPQ) scared investors with a weak outlook, but rival Dell (NASDAQ:DELL) shot back with better data (although both companies showed the PC weakening). Then Staples (NASDAQ:SPLS) dropped some nasty news about office supplies, only to have Deere (NYSE:DE) remind everyone why Jim Roger’s said farmers will be driving Lamborghinis. If you enjoy a solid Cheat Sheet of valuable information, don’t miss our newly released Dow 30 Quarterly Earnings Season Recap.
2) The US Congress can’t even agree to end Gas company welfare. I’d say that’s simply a sign to all investors and traders that if you have enough lobbyists, you can do whatever you want. Risk on!
3) The Fed may have the same impasse over tightening monetary policy. And you know what that means … free, I mean cheap, money will be here forever! Risk on!
Bonus: What Would Warren Buffett Do? Take a Look at His Newest Billion Dollar Investments.
Now that you’re in the know, enjoy the Chicago Bulls continue their battle with the Miami Heat!