Friends
If you want to find a positive from the last couple of trading sessions, it’s that early selloffs saw buyers appear and erase those early losses. But on the negative side of the ledger, sellers appeared in the final minutes of each trading day to send stocks lower by the close. After last week’s rally market participants were hoping for some follow through this week. Just not giving back last week’s gains might be as good as we can expect this holiday shortened week of trading. Whatever the case, those economic headwinds that we talk about daily still persist.
As for the day, by the close the Dow Jones Industrial Average was down 176 points to finish the day at 32,813. The S&P 500 was down 30 points to close at 4,101. Nasdaq was down 86 points to close at 11,994. Gold was up $2 to trade at $1,851 per ounce, while oil was up $.52 to trade at $115.19 per barrel WTI.
As we have mentioned, all rallies are suspect until proven otherwise. Let’s see if the bulls can make a stand the rest of this week and not give back all of last week’s gains. For now, we might just have to be satisfied with little victories wherever and whenever we find them.
Have a nice evening everyone.
