The market was weak early and strong late, closing green once again at the highs. In the morning, the S&P tested support near 1294 and bounced, keeping the bulls in control. Investors will now be watching tomorrow’s non-farm payrolls number closely to see if it can be the catalyst for the next leg higher in this somewhat extended market.
The big moves today came from gold and silver after Fed President Bernanke’s comments about the recovery and potential for a QE3. GLD bounced off support around $129.25 in the morning, and then took off once The Bernank opened his mouth, entering the large gap from January 20th.
After the close, Las Vegas Sands Corp. (LVS) reported earnings of $0.43/share vs. $0.39/share expected, but missed narrowly on revenues. The run up into earnings told us that the street was expecting a solid beat across the board, and the revenue miss was a red flag. The stock is trading down ~5% after hours.
For more stock specific commentary, watch the Daily Recap video below.
*DISCLOSURE: Scott has no positions
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