I hope everyone enjoyed their elongated weekend and Valentine's Day. Thanks George Washington and Saint Valentine of Terni (not to mention Pope Gelasius I)! St. Valentine was even mentioned by Ophelia in Shakespeare's Hamlet.
Open For 2.5 Hours
On news that China was simulating their economy and were finally “coming clean” on death accounting, the markets opened higher for the first 2 ½ hours. The SPX got as high as 3,380.69, closing in on another big number – 3,400. The Dow got within 100 points of its 52-week high.
2.5 Hours Until Last Half Hour
As has been the case of late—higher opens see a subsequent fall, and lower opens see a subsequent bounce—the jump higher on the open fizzled out. The SPX had a high net change of +6.75 and sank to a low of a negative net change of -7.79 (3,366.15). Despite the see-saw in the market, the action was quiet and in a tight range.
Last Half Hour
The SPX had a +11 point jump higher in the last half hour with the cash closing just under the highs of the day at 3,380.16 (+6.22).
Most of the volatile stocks for the last month were stuck in the mud. AAPL closed up $0.08. TSLA has had a crazy run higher and closed down -3.97. BA closed down -2.33. Marijuana and fake meat companies were the big winners, while oil continued its fall on lower economic activity predictions.