Friends
Well, another day and another failed rally. Stocks moved slightly higher at the open this morning, but almost immediately reversed course and fell into negative territory before the first half hour of trading was finished. There were a couple of feeble attempts to move stocks back into positive territory throughout the trading session, but all failed and stocks once again finished in negative territory for the day.
By the close the Dow Jones Industrial Average was down 173 points to finish the day at 31,145. The S&P 500 was down 16 points to close at 3,908. The Nasdaq Composite Index was down 85 points to close at 11,544. Gold was down $11 to trade at $1,711 per ounce, while oil was down $.04 to trade at $ 86.83 per barrel WTI.
After a nice rally off the June lows (a 17% move higher to be more precise), stocks have now fallen back to 3900 on the S&P and technicians are concerned if that doesn’t hold we are destined to test June’s lows of 3636. We will see, but one thing is for sure, sentiment has once again turned decidedly negative. Let’s see how this shortened week plays out.
Have a nice evening everyone.
