Friends
The bulls tried to put together a positive day for stocks, but in the end, it just wasn’t meant to be. Every move into positive territory was met with selling as headlines and headwinds continue to weigh on the markets.
By the close, the Dow Jones Industrial Average was down 96 points to finish the day at 33,794. The S&P 500 was down 23 points to close at 4,363. The Nasdaq Composite Index was down 214 points to close at 13,537. Gold was up $18 to trade at $1,940 per ounce, while oil was down $2.03 to trade at $108.57 per barrel WTI.
Day after day experts on the business television stations attempt to declare a bottom is in and we’ve seen the worse for stocks. I know that is tempting to do, and we would love to believe it, but the fact is that no one knows where the bottom is or when it will occur. Volatility is likely to continue for some time as we work through global conflict, the remnants of the pandemic and inflation. That’s not pessimism on our part, that’s just realism. These things will take some time to work out. That’s ok. At the moment we’re just in one of those scary parts of the ride to financial success. Wouldn’t be a good ride if it didn’t have a few scary parts, now, would it?
Have a nice evening everyone.
