Friends
Bond yields pulled back just a little today which seemed to help keep a lid on stock volatility. Sentiment has definitely turned negative in the past week as market participants are choosing to look at the glass half empty with regards to economic news and how the Fed may be forced to react.
As for today, by the close the Dow Jones Industrial Average was up 25 points to finish the day at 34,500. The S&P 500 was down a fraction to close at 4,369. The Nasdaq Composite Index was down 26 points to close at 13,290. Gold was up $1 to trade at $1,916 per ounce, while oil was up $.92 to trade at $81.31 per barrel WTI.
Despite today’s late rally, stocks have struggled so far in August. Are we getting a little oversold? Perhaps. Is sentiment turning negative too quickly? Maybe. But remember this is typically a difficult time of year for stocks so a cautious tone is not really a bad thing at the moment.
Have a great weekend everyone.
