Friends
Well, the bears are making some real noise. Is it about the Fed possibly passing up a rate cut next month? Is it because both the AI trade and the crypto trade have completely lost their mojo for the moment, or is it simply because market participants finally care that stock prices are stretched? Remember, we get earnings from market giant Nvidia this week and they are probably going to be pretty darn good. Will that be enough to reverse this bearish trend that has been developing? We will see.
As for today, by the close the Dow Jones Industrial Average was down 557 points to finish the day at 46,590. The S&P 500 was down 61 points to close at 6,672. The Nasdaq Composite Index was down 192 points to close at 22,708. Gold was down $64 to trade at $4,029 per ounce, while oil was down $.35 to trade at $59.74 per barrel WTI.
You know by now that I don’t mind a pullback after a huge market run like we have had since the early spring downturn. A pause that refreshes could set us up for a nice year end rally. But, if the Fed becomes hostile (hawkish), or Nvidia and other AI giants spit the bit, we could find ourselves in a bit of a pickle as we enter the holiday season. Hold on tight and buckle up, the ride could be bumpy for a while.
Have a nice evening everyone.
