Friends
It’s like no one wants to take a stand before the end of the quarter and what might be a dicey earnings season coming up in July. We haven’t seen much interest on the buy side, but we also haven’t seen much conviction on the sell side of the ledger either. As mentioned, earnings will be watched closely as will inflation data in the coming weeks and then of course we are likely to see another .75% rate hike from the Fed in late July.
In the meantime, stocks drifted aimlessly today and by the close the Dow Jones Industrial Average was up 82 points to finish the day at 31,029. The S&P 500 was down 2 points to close at 3,818. The Nasdaq Composite Index was down 3 points to close at 11,177. Gold was down $1 to trade at $1,819 per ounce, while oil was down $2.27 to trade at $109.49 per barrel WTI.
For now, let’s first see how the quarter ends tomorrow. It has been a very challenging first half of the year for investors. As I have mentioned often, this bear market might be more about time than price. Investor patience is being tested and that is likely to continue for some time. Stay tuned.
Have a nice evening everyone.
