Friends
Bullish traders finally succumbed to negative economic news and simple overbought conditions in today’s trading as the averages ended the day in negative territory. To be fair, stocks basically treaded water for most of the day, just heading downward in the last hour. Unfortunately, other than low inflation, the economic data points have been decidedly negative for weeks now. The bears have been hanging their hat on this negative flow of news but mostly to no avail in 2013.
As it was, for the day the Dow Jones Industrial Average was down 42 points to finish the day at 15,233. The S&P 500 was down 8 points to close at 1650. Gold was down once again with the precious metal down another $10 to trade at $1385, while oil was up $.72 to trade at $95.02 per barrel WTI. Gold could not break its losing streak even with a weak dollar for a day.
Once again, mostly negative economic news continues to keep traders wondering whether the bad news is good news in that it keeps the Fed involved, or is bad news finally going to take its toll and really be bad news. We are beginning to see scores of analysts calling for a downturn at any moment, so we’ll see if the market can handle this wave of doubt creeping into the market’s psyche. Let’s see how things end up for the week tomorrow.
Have a nice evening everyone.
