Stocks continued to move higher as President Trump visits the Middle East and is arranging deals for arms and infrastructure spending. It will be interesting to read the details of these agreements as they come out but clearly the current administration is aligning with Saudi Arabia, Israel and Egypt while leaving Iran out in the cold for now.
The Dow opened with a nice move higher gaining 89.999999999 points to close at 20,894 on lighter trading volume. The NASDAQ also moved up on lighter trade being led higher by the fearless foursome of Amazon (aka “the free banana society”), Netflix, Google and Faceplant. After last week’s selloff the IBD indicator went from “rally” mode to “rally under pressure” but the BTS indicator is still positive as bond yields continue to languish near the low end of their recent range.
Earnings reports out today after the close will come from Splunk and Costco (“Costcos” as my Mother-in-law calls it). Oil prices sit right at $50 per barrel as OPEC starts a series of meetings designed to extend production cuts.
The scouts this weekend were busy. We had a Camporee with 40 kids in our troop up against 10 other troops from the Seattle area. Our lunkheads came in 3rd overall (thanks in part to our canoe team getting t-boned and swamped in the canoe race) while taking top awards in many of the patrol events. It was a fun time, the scouts did great and I only had to give out a couple of headlocks over the course of the weekend.