Market Wrap Thursday

Good Evening,
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Macro: Q2 GDP revision easily beat, Initial Jobless Claims beat, Pending Homes Sales missed.
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1)  Equity markets closed significantly higher for the second straight day, but they certainly did not take the short cut to get where they were going.  In a way, the charts sort of remind me of Barry Sanders, the football player (not Bernie Sanders, the socialist), who might on a 50 yard run, end up running about 175 yards.
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2) All of the broader Indices gained between 2.25%, and 2.5% on the day, and the rally was broad based.  However, it was the Energy sector that stood head and shoulders above the rest, scoring nearly 5% worth of gains.  The weakest sectors were Consumer Staples, and the Utilities, both of which were up more than 1% today.
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3)  To give you an idea of the kind of day this was….. the S&P Health Care sector index was virtually unchanged at 3pm, and closed almost 2% higher for the day.  BTW, trading volume dropped off significantly today.
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4)  It was Crude Oil that drove that Energy sector, and the market in general today.  Most of us spent at least part of our day trying to figure out if, for oil,  this was a short squeeze or not, when it broke late that Venezuela had called for an emergency meeting of OPEC members, presumably to put a cut in production on the table.
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5) Treasuries, and Gold both stayed surprisingly close to unchanged on the day, with Gold finishing slightly higher, and Treasuries tilted lower, but somewhat mixed.
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6) One more day, tired is only in the mind….you’ve got this.  I mean it.