Friends
Stocks continued the recent seesaw type action today as an early morning 100 point plus drop in the Dow Jones IndustrialAverage gave way to a relentless climb back towards positive territory. As it turns out the Dow couldn’t finish the deal and ended with a modest loss, while the S&P just about made it back to even. Most of the trader’s attention was focused on Cypress where they will attempt to open certain banks tomorrow, hoping that there is an orderly withdrawal of money by citizens. I’m sure it will all proceed in a calm and orderly manner. It’s not too disturbing when a government decides when an how much of “your” money you can have.
Anyway, by the close the Dow was down 33 points to close at 14,526. The S&P 500 was down less than a point to finish the day at 1562 (still flirting with the all-time high). Gold was up $9 to trade at $1604 per ounce, while oil was up a fraction to close at $96.50 per barrel WTI.
Tomorrow is the last day of trading for the quarter so it will be interesting to see if portfolio managers want to do a little “window dressing”(buy recent winners) or actually do some trimming before quarter end. Of course, next week we’ll be back on employment data watch, and then we are just a couple of weeks away from earnings season. We’ll keep an eye on the banking situation in Cypress and beyond tomorrow. We’ll let you know how the quarter ends.
Have a nice evening everyone.
