The stock market moved higher along with the US Dollar , as Treasuries moved lower on Thursday. Dow futures were up 69 points, and the S&P 500 futures closed up 8.25 , able to move out of the horizontal trading we saw on Wednesday.
Dow futures narrowly missed touching 20,700 again putting in a high at 20,694. The index came all the way back to 20,608 before moving higher and ending the day at 20,670.
Tomorrow is the end of the week, end of the month and end of the quarter. That could set the tone for the session. The market has enjoyed a nice run up in the first quarter. A lot of traders will be looking to close positions and take profits. Don’t let a sell off catch you by surprise.
I’m looking for a continued move higher for the earlier part of the day. As I mentioned, money mangers along with other market participants could be rolling out of long positions to end the quarter. So some back and forth should be expected. I think the current optimism about market friendly policies will be enough to keep the equity markets down for long.
John Weyer
Director Commercial Hedging
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