Friends
Today’s trading action was quite interesting. The Nasdaq fell once again at the open, but was able to turn the tide as the trading session wore on to actually push into positive territory for most of the afternoon. On the other hand, the Dow and the S&P which also had weak openings, plunged even further while Nasdaq was making its recovery. The action does make sense, though, because the Nasdaq was getting oversold while at the same time the Dow was making new highs. Traders took the opportunity to buy some of the beat up names and sell some of the recent winners.
By the close, the Dow Jones Industrial Average was down 473 points to finish the day at 34,269. The S&P 500 was down 36 points to close at 4,152. The Nasdaq Composite Index was down 12 points to close at 13,389. Gold was down $1 to trade at $1,837 per ounce, while oil was up $.53 to trade at $65.45 per barrel WTI.
We’ve wondered for some time whether stock prices are already reflecting the improving economy. The recent disjointed action seems to be saying that market participants are unsure also. We’ll keep watching.
Have a nice evening everyone.
