Friends
Traders continue to have a case of the jitters as we approach the Presidential Inauguration. Dow 20,000 talk has all but dissipated as the industrial average continues to slip further and further away from that historic but somewhat meaningless level. The simple fact is that since the three week rally after the election, market participants have been taking a wait and see approach. As I have mentioned, that can be healthy, but more importantly we need to see earnings continue to improve. Any setbacks, and present valuations will be even more scrutinized.
As for today, by the close the Dow Jones Industrial Average was down 72 points to finish the day at 19,732. The S&P 500 was down 8 points to close at 2263. Gold was down $6 to trade at $1,205 per ounce, while oil was up $.33 to trade at $51.42 per barrel WTI.
It appears that we need to get past the inauguration before market participants begin to focus on earnings and the economy. Let’s see how the week finishes out tomorrow after the inauguration proceedings.
Have a nice evening everyone.
