Your Monday Blip 3/29/21

Your Monday Blip 3/29/21

Markets continue to trade in a somewhat volatile fashion. After a strong finish on Friday stocks opened mixed then fell triple digits before a late rally pushed the Dow to a closing gain of 98 at 33,171. Both the NASDAQ and the S&P 500 ended the day lower and investors continue to favor value stocks like manufacturing, materials and utilities. Trading volume was low and IBD has markets listed as being in rally mode.
Shares of Boeing got a boost when Southwest Airlines agreed to purchase 100 Boeing 737 Max 7 planes and use them to retire older versions of the 737 currently in use. The agreement includes converting 70 firm orders for Max 8 jets to the smaller Max 7 and it adds 155 options for Max 7 and 8 airplanes through 2029. The Max 8s have 175 seats and the Max 7s have capacity for 150. Delivery will start in 2022 when Southwest will put 30 of the new jets into service.
Now that the Suez Canal has reopened to shipping many thought the price of oil would drop but oil gained about 1% today and WTI crude hit $61.52 per barrel. What worries traders about oil is a reimposed lockdown in Europe which could trim global demand expectations. Pushing oil higher however are expectations that OPEC and Russia will keep production restraints in place when they meet this Thursday.
The scouts are gearing up for a more active summer with hikes to the Olympics, Cascades and a canoe trip to Northern Tier in Minnesota. To that end I might be at Camp Pigott this weekend helping kids learn the basics of canoeing like the J stroke and how NOT to swamp a boat. Of most importance however will be teaching them how to bring the boat captain coffee and donuts.