Friends
Stocks finished the week on a sour note and continue to look a bit “heavy” at the moment. We’ve talked about seasonality and how September is sometimes a difficult month in general, but add in another weak options expiration Friday and the bulls just didn’t seem to have a chance today.
As for today, by the close the Dow Jones Industrial Average was down 166 points to finish the day at 34,584. The S&P 500 was down 40 points to close at 4,432. The Nasdaq Composite Index was down 137 points to close at 15,043. Gold was down $4 to trade at $1,752 per ounce, while oil was down $.65 to trade at $71.96 per barrel WTI.
Despite the weakness over the past couple of weeks, the bulls can at least take solace in that percentage wise stocks are still only slightly off their all-time highs. Indeed, the S&P 500 is only down about 2.5% off it’s all time high. Nevertheless, the bears appear to be in charge at the moment. Let’s see what next week has in store for us.
Have a great weekend everyone.
