Friends
For the first time in a while we had a down day on the first day of a quarter. Fueled by a weak ISM Manufacturing Index number and weak numbers out of China, traders set the negative tone early and stocks remained in negative territory all day long. Underneath the averages, the breadth was quite negative today as only a small percentage of stocks actually traded in positive territory.
By the close, the Dow Jones Industrial Average was down 5 point to finish the day at 14,572. The S&P 500 was down 7 points to close at 1562. Gold was up $4 to trade at $1599 per ounce, while oil was down $.33 to trade at $96.90 per barrel WTI. On the downside we’ll see if 1556 can hold as the first support level for the S&P, while 1586 is a resistance level that the bulls will want to shoot for in April.
All economic reports this week will lead up to the employment report on Friday morning. Of course, after that we will find ourselves in earnings season through most of April, so the first quarter’s move in stocks will likely have to be validated by some decent earnings reports. Well, we have the first quarter of the year behind us and we now embark on the journey that will be the second quarter. We’ll keep you informed as to how it all proceeds.
Have a nice evening everyone.
