Friends
Just another difficult day for stocks. Continued weakness in Europe and other parts of the world seem to be weighing on the minds of investors, as is fear that this earnings season may disappoint. Whatever the reason, stocks are breaking down, and many stocks are violating their moving averages.
By the close, the Dow Jones Industrial Average was down 272 points to finish the day at 16,719. The S&P 500 was down 29 points to close at 1935. Gold was up $3 to trade at $1210 per ounce, while oil was down $1.53 to trade at $88.81 per barrel WTI.
Along with the beginning of earnings season, we’ll get the Fed minutes tomorrow and weekly jobless claims on Thursday. The pattern is developing where rallies are sharp and short lived, and then subsequent selloffs are deeper and more damaging. The bulls need to break the trend quickly or a real correction will be upon us.
Have a nice evening everyone.
