Friends
The hangover from the multi week advance in stocks continues to linger as share prices once again sell decisively into negative territory. As mentioned yesterday, we’re in somewhat of a data and news vacuum at the moment and until earnings season gets going with a vengeance, traders appear to be uninterested in making any new commitments-at least on the buy side of the ledger.
By the close, the Dow Jones Industrial Average was down 133 points to close at 17,603. The S&P 500 was down 20 points to close at 2045. Gold was up $12 to trade at $1,232 per ounce, while oil was up a fraction to trade at $35.92 per barrel WTI.
After the sharp advance that we saw from mid-February until the end of March, it is certainly not unusual that we might experience a bit of a pullback or at the very least, a rest. Traders will now start to focus on technical levels to make sure that the recent advance stays intact. We’ll monitor things as we ease into earnings season and let’s see if the bulls are bold enough to step in before the earnings parade gets rolling.
Have a nice evening everyone.
