Friends
Well my reverse psychology on oil seemed to work. We finally got a bounce in crude prices after it appeared that oil would not stop going down until it hit zero. Along with the bounce in crude, stock prices also staged a rally, gave it back, and then climbed again, finally posting a gain for the day. Futures perked up right before the open with the help of ECB President Draghi’s jawboning. As per usual, Mr. Draghi is promising to do whatever it takes to promote European growth (although some might say his bark is bigger than his bite).
By the close, the Dow Jones Industrial Average was up 115 points to finish the day at 15,882. The S&P 500 was up 9 points to close at 1868. Gold was down $5 to trade at $1101 per ounce, while the aforementioned oil was up $1.40 to trade at $29.75 per barrel WTI.
I hope you had a chance to listen in to our conference call this morning. We talked about the stealth bear market that we have been experiencing since the middle of 2015 and how it developed. The most important takeaway for those who were not able to participate was simply- don’t let emotion blur logic. If you have any thoughts or questions, or you missed the call, don’t hesitate to come by or give us a call to discuss.
Have a nice evening everyone.
