Friends
It was a difficult day for stocks. Whether it be the old momentum darlings losing their luster or just a broad base selloff due to the President announcing tariffs aimed at China, the bears seem to be firmly in control of the situation. Sure interest rates are still low, the economy is ok, and earnings will likely be good in 2018 with the help of tax cuts, but the sentiment has decidedly turned negative. The market averages are now once again negative for the year.
By the close, the Dow Jones Industrial Average was down 724 points to finish the day at 23,957. The S&P 500 was down 68 point to close at 2,643. Gold was up $7 to trade at $1,328 per ounce, while oil was down $.93 to trade at $64.24 per barrel WTI.
As we have mentioned lately, it appears that we are in a trading range. At the moment we are heading towards support levels. It was just two weeks ago we were pushing the resistance levels. Ah, volatility- as we always say, it’s the price of admission to climb aboard the ride to financial success. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
