Friends
It was another difficult trading session for stocks although the market averages did at least finish off the lows of the day. Market analysts and pundits continue to be very pessimistic in their outlooks for 2023 and it feels like market participants are positioning themselves for more difficulty to come. In addition, there is likely to continue to be tax loss selling into year end which could keep pressure on the most beat up stocks of 2022.
In the meantime, as for today the Dow Jones Industrial Average was down 350 points to close at 33,596. The S&P 500 was down 57 points to finish the day at 3,941. The Nasdaq Composite Index was down 225 points to close at 11,014. Gold was up $2 to trade at $1,783 per ounce, while oil was down $2.57 to trade at $ 74.36 per barrel WTI.
The bears have set the tone for the week and it’s up to the bulls to change things around. Friday’s PPI number and next week’s CPI number, not to mention next week’s FOMC meeting will likely determine whether we will see a Santa Claus rally this year or a train wreck December like 2018. It should be an interesting couple of weeks ahead.
Have a nice evening everyone.
