Friends
Even though trading was very light, it was a somewhat messy day for stocks. After a very short-lived rally in the first hour of trading, stocks spent the rest of the day in negative territory. The visual of German Chancellor Angela Merkel in Greece, with protestors dressed as Nazis in the streets, was enough to remind us that Europe’s problems are far from solved. This coupled with the anxiety that comes with the start of earnings season was enough to keep the bulls on the sidelines and give the bears a little room to run.
For the day, the Dow Jones Industrial Average was down 110 points to close at 13,473. The S&P 500 was down 14 points to finish the day at 1441. Gold was down $9.50 to trade at $1766 per ounce, while oil bucked the trend rising $2.79 to trade at $92.72 per barrel WTI. Going into the session, 1441 on the S&P represented an important support level. At the close, we sat right on that number. Hmm.
Well, on this the 5 year anniversary of the Dow’s all time high (14,164) we begin earnings season with Alcoa. We’ll see how things go over the next three weeks.
Hopefully you received our 4th quarter outlook today. Let me know if you didn’t get it. I’ll be glad to send you one.
Have a nice evening everyone.
