Your Monday Market Blip 12/21/15

Your Monday Market Blip 12/21/15

Stocks today were up as markets tried to recover from last week’s wild ride which ended in a Friday selloff. At the close the Dow was up 123 points to 17,251. Trading volume was less than last Friday’s but this might not be a fair comparison since last Friday was a day where options expire and artificially boost trading volume.
Oil continues to be the focal point of investors and traders as crude trades near an 11 year low. WTI crude today ended at $34.66 per barrel but managed to at least hold water after an early selloff. Oil experts have underestimated the resilience of US producers who, while cutting back on rig counts, continue to produce with existing wells. British Petroleum announced its first major transaction in 7 years as it purchased assets from Devon Energy. Natural Gas prices today surged about 8% but still trade below $2 per million BTUs. Gas E&P stocks were up big as a result of the move. Some gurus think oil might be near a bottom but these are the same guys who thought $44 was a bottom.
Shares of Disney were flat despite a record showing of $248 million at the box office for the latest Star Wars movie. While the force is with Luke and Yoda it was not with shares of Disney which were off today.
It will be a quiet week in the markets as people begin to go on Christmas vacation. Exchanges will only be open half a day on Thursday, Christmas Eve, and are closed on Friday.