Friends
The market averages moved higher at the open but more trade tension headlines and worries about bad loans in some regional banks sparked an afternoon selloff. Credit related issues will get the attention of market participants and given that so much lending has occurred in the shadow banking industry, the unknown can always be more of a problem than what is clear to see.
As for today, the Dow Jones Industrial Average was down 301 points to finish the day at 45,952. The S&P 500 was down 41 points to close at 6,629. The Nasdaq Composite Index was down 107 points to close at 22,562. Gold was up $126 to trade at $4,327 per ounce, while oil was down $.73 to trade at $57.54 per barrel WTI.
I still think that the bulls are occupying the high ground for now, but the bears have been making noise as they attempt to rally the troops. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
