Friends
The Dow had a few components that had really bad days causing that index to have a larger downside move than the S&P or the Nasdaq during today’s trading session. On the whole, it was another somewhat quiet day as the bulls appear to have run out of gas just a bit.
By the close, the aforementioned Dow Jones Industrial Average was down 293 points to finish the day at 41,914. The S&P 500 was down 10 points to close at 5,722. The Nasdaq Composite Index was up 7 points to close at 18,082. Gold was up $7 to trade at $2,684 per ounce, while oil was down $1.86 to trade at $69.70 per barrel WTI.
I mentioned on Monday, it would not be a bad thing if the stock market cooled off a bit. Parabolic moves are often followed by drastic moves in the opposite direction. A little pause to digest the recent gains might be just what the doctor ordered. We are three trading days away from the end of the 3rd quarter and at the moment the bulls still hold the high ground. Let’s see how the rest of this week goes first.
Have a nice evening everyone.
