Friends
Stocks endured another roller coaster type day as a solid upward opening faded away to a steady decline as the session wore on. After being up more than 70 Dow points in early trading, traders worried by the pictures coming out of Egypt sold the Dow down 100 points for a tasty 170 point swing. Again, with light trading it’s rather easy for stocks to be pushed around, but the negative reversals are not something we want to become habit forming.
By the close, the Dow Jones Industrial Average was down 42 points to finish the day at 14,932. The S&P 500 was down less than a point to close at 1614. Gold was down $14 to trade at $1241 per ounce, while oil was up $1.37 to trade at $99.32 per barrel WTI. On a technical level, the S&P bumped right up against 1624, the 50-day moving average which might serve as a formidable resistance level in the short run. We shall see.
Tomorrow we get the ADP employment report and then Friday the all-important government jobs report, both of which will influence trading for the balance of the week. Trading ends at noon our time tomorrow, so the office will be closed tomorrow afternoon and Thursday for the 4th of July holiday. We’ll be back at it on Friday.
Have a nice evening everyone.
