Friends
Stocks finally saw a little weakness today after nine consecutive up days, but nothing earth shattering. At this point, I think the bears will take anything and not really care why stocks dropped. Market participants are still pondering yesterday’s FOMC statement and the Fed’s future course, and will have a couple of weeks to do so before we begin a new earnings season.
For the day, the Dow Jones Industrial Average was down 53 points to close at 22,359. The S&P 500 was down 7 points to close at 2,500. Gold was down $22 to trade at $1,294 per ounce, while oil was up $.02 to trade at $50.71 per barrel WTI.
As we end summer, stocks notably survived a typically difficult season (the dog days of summer), and seem somewhat stable as we head into the fall season. Of course, we’ve had a few October disruptions in the past, so the bears might still get something to root for, but the balance of the year’s performance might be greatly influenced by the upcoming earnings season. Yes, politics will play a roll, and a geopolitical situation could arise at any time, but they are unpredictable and unmeasurable. Let’s first see how the week wraps up tomorrow. Can the bears put a little pressure on the bulls and make it two days in a row?
Have a nice evening everyone.
Stay Strong Houston
