DOW Hits 29,000 For First Time

Posted on by The INO.com Team

Hello traders everywhere. Stocks turn mixed after the DOW hit 29,000 for the first time on Friday, ultimately hitting an all-time intra-day high of 29,009.07. Since then, the DOW has turned negative on the day and is down roughly -100 pts or -.3% heading into afternoon trading.

However, the overall weekly picture of the market looks great. The DOW is close to posting a +1% gain sitting at +.95% after hitting 29,000. The S&P 500 will post a gain over one percent with a gain of +1.3%. But they can't compete with the tech-heavy NASDAQ which will post a weekly gain over two percent at +2.1%

The U.S. economy added 145,000 jobs in December. Economists polled by Dow Jones expect the U.S. economy to have added 160,000 jobs in December. Wages also disappointed, growing by just +2.9% on a year-over-year basis. Economists had forecast a gain of +3.1%. December was also the first month since July 2018 that wages grew by less than 3% from the year before.

Crude oil prices soared early in the week after Iran fired ground-to-ground rockets at the Ain al-Assad military base in Iraq pushing oil to a high over $65 a barrel on Tuesday. Still, that spike was short-lived when president Trump announced that Iran seemed to be de-escalating their military operations, which pushed oil down over -5%, triggering a new red weekly Trade Triangle at 59.62. Overall, crude oil will lose -5.7% for the week.

Gold has fallen from a weekly high of 1,613.30, which it reached on Tuesday amidst the Iranian attack, and much like oil has come back to earth losing -2%, but it will posy a slight weekly gain of +.3%.

Bitcoin triggered a new green weekly Trade Triangle at 7,962.98, posting a weekly gain of +6.4%, but it hasn't seen much of a move higher from that level and remains in a sidelines mode trading right around the 7,900 level.

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz
INO.com and MarketClub.com