Friends
It was another difficult start to a week, as stocks slumped early and continued to lose altitude throughout the trading session (except for a quick bounce at 2:00). Today’s Housing Market Index report showed considerable weakness as future sales are being hindered by rising mortgage rates. On Wednesday we’ll get the Existing Home Sales number along with Leading Indicators, Durable Goods and Consumer Sentiment.
As for today, by the close the Dow Jones Industrial Average was down 395 points to finish the day at 25,017. The S&P 500 was down 45 points to close at 2,690. Gold was up $1 to trade at $1,224 per ounce, while oil was up $.71 to trade at $57.17 per barrel WTI.
Of course, it is a short week for traders with the Thanksgiving Holiday on Thursday and the shortened trading day on Friday. If the bulls are going to make a holiday stand this week, they better get after it tomorrow. Volume will dry up on Wednesday and be non-existent on Friday’s half-day session. We get a lot of earnings from retailers tomorrow, and that their commentary about the upcoming Christmas season should be interesting. Stay tuned.
Have a nice evening everyone.
