On Friday, buyers drove the Dow higher by triple digits as two major positives buoyed sentiment.The jobs number came in much better than expected with new data showing in July employers added 163,000 jobs - the most workers in five months. Also, commentary from Spanish Prime Minister Mariano Rajoy was viewed as Spain taking a step toward asking the EU for a bailout, a development viewed positively by the markets."Yesterday, investors weren't too happy. Today, Europe was happy. Obviously, the employment numbers came in better than anticipated, and that added some positive fuel to the fire," says Ted Weisberg, a floor trader with Seaport Securities in a Reuters interview.
"What is more interesting is that we're within 200 to 300 points of recovery highs, which is pretty incredible when you think of all the issues we face."
Will the market re-visit those highs?Not likely, says Jeff Kilburg, founder of Killir Capital.
“I don’t see the euphoria in the stock market reflected in the bond market,” he says.
Kilburg and the other pros often look to action in the bond market to confirm or deny a market move. And in this case – they say it’d been denied.Page 1 of 3 | Next Page