Friends
Stocks tried to sell off today, they really did. Apple shares were weak as critics noticed lines weren’t very long for the first day of sales for the iPhone 8, and also that there are issues with the new watch. But taking aim at Apple hasn’t been a very good strategy in previous years, so do so at your own risk. Also, market participants had to deal with an overnight and early morning Twitter fight between President Trump and the North Korean leader. Nevertheless the bulls were able to hold down the fort.
By the close, the Dow Jones Industrial Average was down 9 points to finish the day at 22,349. The S&P 500 was up 1 point to close at 2,502. Gold was up $5 to trade at $1,300 per ounce, while oil was up $.08 to trade at $50.63 per barrel WTI.
The bears have at least cooled things off for the moment as some of the momentum stocks have hit a wall in recent trading sessions, but as we have seen for years now, when one section cools off another picks up the slack. This week we got a little boost from the beleaguered energy sector as well as the financial and industrial sectors. Rotation is good for those with bullish bias. Let’s see how the quarter finishes off next week. Stay tuned.
Have a great weekend everyone.
Stay Strong Houston
