Your Monday Market Blip 11/7/16

Your Monday Market Blip 11/7/16

Stocks today staged a pre-election “Comey Rally” as equities snapped an 8 day downtrend. I guess we can say that “Comey giveth and Comey taketh away and Comey giveth again”. While the 2% uptick was welcome it came on much lighter volume indicating that markets in general remain under pressure with most traders content to sit on the sidelines pending the election results. At the close the Dow was up 351 points to 18,239. Banks and techs were market leaders.

Mergers continue to occur in the telecom industry as Little Rock, AR based rural telephone company Windstream agreed to buy out EarthLink in a $1.1 billion deal. This follows CenturyLink buying Level 3, AT&T buying Time Warner and Verizon buying Yahoo. Telecom is like a black hole sucking in other companies.

Gold pulled back $22 an ounce to $1,282 thanks to a weak US dollar and uncertainty behind the election easing a bit. WTI crude oil snapped a multiday losing streak gaining 1.9% to close near $44. 94 a barrel.

The 18 scouts had a good time at Goldendale. The observatory program was amazing and the evening council fire was really cool as the scouts read Indian lore stories like Salmon Boy and how the great bear created the milky way by shaking the snow off his back.