Friends
You know, if you really look at the numbers, retailers are actually delivering very good earnings reports this week, but given the environment for stocks none of that matters. Once again stocks took it on the chin today as early selling had stocks languishing in the red for the entire trading session, finally erasing what was left of the gains for 2018. We’ve been looking for a test of the October lows, and one more day like this and we’ll be grading that test.
By the close, the Dow Jones Industrial Average was down 551 points to finish the day at 24,464. The S&P 500 was down 48 points to close at 2,641. Gold was down $3 to trade at $1,221 per ounce, while oil was down a whopping $3.90 to trade at $53.30 per barrel WTI.
Again, this is normal to test a recent decline to see if the previous lows can hold. All this is being driven by the belief that the economy is susceptible and will be rolling over in 2019. That, of course, remains to be seen, but in the meantime pessimism is winning the day in the market arena. I’m just glad the markets are closed on Thursday. Let’s see if someone steps in to buy tomorrow, before Thursday’s Thanksgiving holiday.
Have a nice evening everyone.
