Friends
Well, as they try to put the pieces back together on the east coast, and our hearts are with them, the markets did get open and stocks did trade on this Halloween day. The powers that be really wanted to get the exchanges open today, and with a whole lot of work, they did. It is the last day of the month and also the fiscal year end for most mutual funds, so today’s trading, though rather dull was important to get done.
For the day, the Dow Jones Industrial Average was down 10 points to close at 13,096. The S&P 500 was up a fraction to finish the day at 1412. Gold was up $12 to trade at $1721 per ounce, while oil was up $.38 to trade near $86.06 per barrel WTI. The bulls want the S&P to hold 1400 and the Dow to hold 13,000, while 1419 seems to be short term resistance on the S&P.
On the economic front, the next two days will be chocked full of information, as we’ll see ISM reports, the ADP private employment number and then, on Friday, the all- important government non-farm payroll number. Of course there is an election less than a week away also. Let’s see how all of this plays out over the next 5 or 6 trading days. We are likely to see some ‘interesting” volatility.
Have a nice evening everyone.
