Friends
The stock market continued its downward path as investors seem to be sending a message to politicians that it is time to get things done. As I mentioned yesterday, the markets will not be patient with procrastinating politicians. But, the important thing for us to do is not get caught up in emotion, and look to take advantage of price dislocation.
For the day, the Dow Jones Industrial Average was down 121 points to close at 12,811. The S&P 500 was down 17 points to finish the day at 1377. Gold was up $18 to trade at $1732, while oil was up $.56 to trade at $85 per barrel WTI. With earnings as they are, this readjustment in prices is making the S&P look more reasonably valued.
As I mentioned, now is not the time to be emotional, but instead, be logical and look for value created by emotional selling. Let’s see how the week finishes out tomorrow.
We’ll let you know.
Have a nice evening everyone.
