Friends
We are trying- we really are. We’re trying to focus on anything but politics, but with non-stop coverage of the new President, it is almost impossible to focus on anything else. We have never seen anything like this, and markets seem to be mesmerized at the moment. Stocks, in general, have been trending negatively recently despite the rather good beginning to earnings season. This weakness can be tolerated if with these results we begin to get a scenario where earnings start to catch up with stock prices, which would alleviate the perception of overvaluation.
As for today, by the close the Dow Jones Industrial was down 27 points to finish the day at 19,799. The S&P 500 was down 6 points to close at 2,265. Gold was up $10 to trade at $1,215 per ounce, while oil was down $.42 to trade at $52.80 per barrel WTI.
As mentioned earnings season is in full force and despite share price action, corporate results have been rather good so far. This week and next will provide a major portion of the earnings reports, so we still have a lot to get through, but the trend is positive to this point. We’ll let you know how this earnings season plays out, and of course, we’ll let you know how and if the political machinations affect things. Stay with us.
Have a nice evening everyone.
