Friends
After yesterday’s Fed induced rate hike “excitement” which fueled a nice rally in stocks, today we reverted back to the type of action we have seen over the past few weeks. Stocks drifted aimlessly with very little conviction from either the bulls or the bears. The bears seem to be licking their wounds after yesterday’s bounce, as they thought that rate hikes might be the catalysts needed to break this bullish move in stocks since the election. So far, stocks investors seem sanguine to the realization that rates are likely going to inch higher over the next few years.
As for today, by the close the Dow Jones Industrial Average was down 15 points to finish the day at 20,934. The S&P 500 was down 3 points to close at 2,381. Gold was up $26 to trade at $1,226 per ounce, while oil was down a fraction to trade at $48.84 per barrel WTI.
We will soon see if yesterday’s move was a one day affair, or are we about to embark on a new leg of this market move to the upside. Beleaguered bears are keeping their fingers crossed, hoping that the bulls have exhausted themselves and that prices will begin to slide into the spring and summer. First, let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
