Friends
I’m back and the good news is it appears that I didn’t kill the market. After last week’s fireworks, today was a very quiet trading day. To recap, the economy appears to be cooling, interest rates have moved lower, and stocks have moved higher. A bit of a pause to digest last week’s gains is not a bad thing if you are a bull.
As for today, by the close the Dow Jones Industrial Average was up 34 points to finish the day at 34,095. The S&P 500 was up 7 points to close at 4,365. The Nasdaq Composite Index was up 40 points to close at 13,518. Gold was down $13 to trade at $1,985 per ounce, while oil was up $.36 to trade at $80.87 per barrel WTI.
Last week’s move higher in stocks does not seem to have changed sentiment much though. The bears are still bearish, and the bulls even appear doubtful. With the Fed and earnings behind us, is the coast clear for a year-end rally? If so, there will be some anxiety among underinvested bears. In the meantime, let’s first see if the bulls can keep the momentum going in their favor. Stay tuned.
Have a nice evening everyone.
