Friends
We had 2 large investment banks dueling it out today with Goldman Sachs commenting that the October sell off has been overdone and that we should recover some of the losses by year end. Taking an opposite view was Morgan Stanley who suggests that the October sell off is the beginning of something bigger. That’s what makes a market.
As for stocks, they really could not have acted much worse than they did today, except for the little “recovery” at the end. After an early morning 200 plus point rally in the Dow, stocks rolled over in the afternoon fueled by more tariff talk and fell more than 500 Dow points. We’ve mentioned tariffs as a head wind, and today’s report that the U.S. is primed to add additional tariffs on China should upcoming talks deteriorate, was a headwind indeed.
For the day the Dow Jones Industrial Average was down 245 points to finish the day at 24,442. The S&P 500 was down 17 points to close at 2641. Gold was down $4.50 to trade at $1,231 per ounce, while oil was down $.99 to trade at $66.60 per barrel WTI.
We’ll do a conference call in the next day or two to discuss the markets. We’ll send an email to alert you.
Have a nice evening everyone.
