Friends
Stocks fell for the fifth day in a row as traders, deciphering the Fed minutes today, decided that there was not enough evidence of impending additional quantitative easing (more punch for the punchbowl). The bears have been roaring for days now, and every earnings warning or dismal economic number just emboldens them to keep up the selling pressure. But when all is said and done, they haven’t been able to inflict an inordinate amount of damage on the bulls just yet.
For the day, the Dow Jones Industrial Average was down 48 points to close at 12,604. The S&P 500 was virtually flat to finish the day at 1341, and after being well below the 50 day moving average for most of the afternoon, was able to hold by the close . Gold was down $3.50 to finish the day trading near $1576 per ounce. Oil was up $2.24 to finish the day trading near $86.15 per barrel WTI.
Traders are now going to be focused on the earnings coming in the next few days from the big banks. These reports will likely set the tone through the rest of this week and into early next week. We’ll keep you informed.
Have a nice evening everyone.
