Friends
The bulls attempted to take stocks considerably higher early in the trading session, but by the end of the day they couldn’t muster much of an advance. The big story the last couple of days has been the $10 collapse in oil prices after last week’s run up. Of course the business stations have been spending all day trying to figure out the crazy price movements in the energy markets over the past week, and really can’t come up with any good explanation. Are the “high frequency” trading boys pushing oil prices around? Probably. But hey, I would rather see WTI closer to $90 per barrel than $100 per barrel.
As for stocks, by the close the Dow Jones Industrial Average was up 13 points to finish the day at 13,577. The S&P 500 was up slightly less than 2 points to close at 1461. Gold was up $1.80 to trade at $1773, while oil was down $3.64 to trade at $91.65 per barrel WTI.
The week has been quiet so far. There just doesn’t seem to be a lot of conviction on either side of the trade. We’ll see how the next 2 days play out.
Have a nice evening everyone.
