Friends
All the hard work the bulls did in October and the first couple days of November seem to have been for naught. Stocks continue to give back those gains and fall back into negative territory for the year. The retail sector is a disaster, energy is tumbling again, and basically anything economically sensitive (industrials and materials) are cascading further into the red for the year. Friday the 13th indeed!
By the close, the Dow Jones Industrial Average was down 202 points to finish the day at 17,245. The S&P 500 was down 22 points to close at 2023. Gold was up a few pennies to trade at $1081 per ounce, while oil was down $1.01 to trade at $40.74 per barrel WTI.
I don’t know if these falling stock prices are getting the attention of the Federal Reserve, but they sure are getting my attention. This is looking more and more like a lost year for just about all asset classes including stocks, bonds, gold, REITS, MLP’s and of course commodities like oil and copper. There is a little more than 6 weeks of trading left in the year. It’s not too late for the bulls to muster an attack, but for now the bears are holding on to the higher ground.
Let’s see what next week has in store.
Have a great weekend everyone.
