The market was mixed this week with the NASDAQ taking the largest hit. Investors are enjoying the robust gains of the past nine months, but are anxious to see if these gains have staying power in the long run.
This weeks snapshot:
DJIA: Up 9.45 or 0.08%
S&P 500: Down 0.23 or 0.02%
NASDAQ: Down 51.51 or 2.06%
Analysts have conflicting opinions on where the market is headed. There is anecdotal evidence to support either argument which is what Thomson Financial notes in reporting that only two of the Dow 30 has gotten more expensive relative to expected earnings over the coming twelve months.
Crude oil briefly in intra-day trading was below $50 a barrel, but gained momentum on Friday and almost erased the losses incurred from earlier in the week. It closed down $1.00 a barrel or 1.89% for the week.
We believe the market will have a correction sometime prior to midyear, but believe that it will be sector oriented not the entire market. As value investors, however, there are always opportunities that will yield attractive returns. Until next week have a productive and profitable week!