Friends
It was a very quiet day of trading, as market participants appear to be trying to decide whether stocks are going to rally into year end, or is the end of the “bubble” that many experts are calling it, upon us. No doubt it has been quite a year for the bulls, and it is understandable that many market prognosticators believe we are due for a market “correction” at the very least. But this bull market has been very unloved for some time now, and the bears continue to be carried out in body bags.
As for today, the Dow Jones Industrial Average was down 9 points to close at 15,966. The S&P 500 was down 3 points to finish the day at 1787. Gold was up $1 to trade at $1273 per ounce, while oil was up $.34 to trade at $93.37 per barrel WTI. The bulls are trying to get the Dow to close above 16,000 and the S&P above 1800. We’ll see if they can get it done before Thanksgiving.
On the economic front we’ll get the CPI numbers tomorrow, as well as retail sales, business inventories and existing home sales. We’ll get the jobless claims number on Thursday along with the PPI and PMI Manufacturing Index. Unless there are some real surprises, the Fed seems on hold until Ms. Yellen takes the helm early next year, so the next big hurdle that the bulls may encounter is the political climate which is due to heat up again over the next couple of months. We’ll be watching to see if the bulls can keep this “bubble” expanding.
