Friends
Talk about the dog days of summer. Once again we experienced very quiet trading, but today, for the first time in a week we had a negative bias. With little economic news, as most of the networks focused on Congressman Ryan (God forbid, we actually have a national candidate that can speak intelligently about economics and budgets), traders were content to watch stocks drift along, almost in a comatose state.
For the day, the Dow Jones Industrial Average was down 38 points to close at 13,169. The S&P 500 was down 1 point to finish the day at 1404. Gold was down $11 to trade at $1611 per ounce, while oil was down slightly to finish the day at $92.72 per barrel WTI.
After being down almost 90 Dow points, and with the NASDAQ actually finishing in the green, today’s action looks to actually be a win for the bulls. The six day winning streak ended, but not much damage was done. We’ll begin to see a lot of economic news starting tomorrow, so we’ll see how traders interpret this week’s reports.
Have a nice evening everyone.
