Friends
There wasn’t much of a reaction in the markets to last night’s State of the Union address. Stocks spent most of the day in the red, but not by much. Volatility has lessened over the past few weeks and it appears market participants are beginning to take a wait and see attitude. As we’ve mentioned, stocks have had a nice rebound off of the late December lows, but we have created a bit of an overbought situation that might need to be resolved.
By the close, the Dow Jones Industrial Average was down 21 points to finish the day at 25,390. The S&P 500 was down 6 points to close at 2,731. Gold was down $8 to trade at $1,310 per ounce, while oil was up $.31 to trade at $53.97 per barrel WTI.
We are getting through earnings season at this point and the results have been mixed, as has the individual share price action. Nevertheless the market, as a whole, has held up real well, giving the bulls a bit of confidence and causing the bears a bit of heartburn. Well, the bears had a lot of fun last quarter, so we won’t cry for them. Anyway, a little pause after the move we’ve had since January probably is a good thing. Let’s see how the rest of the week plays out.
Have a nice evening everyone.
