Friends
With tensions mounting in Syria and the possible U. S. involvement, traders simply backed away from the table today, as stocks spent the entire day in negative territory. Though, all this market action is unfolding on very light volume, plenty of technical damage is being done. The averages are now sporting 4% plus losses from the recent highs, and negative pundits are coming out of the woodwork calling for more damage ahead.
For the day, the Dow Jones Industrial Average was down 170 points to close at 14,776. The S&P 500 was down 26 points to finish the day at 1630. Gold rallied on all the global concern with the precious metal rising $22 to trade at $1415 per ounce. Not unexpectedly, oil was up $2.97 to trade at $108.89 per barrel WTI.
It’s probably a good time not to get swept up in the moment to moment global political actions that are unfolding. Remember, you invest for the long term to reach your goals. These global actions tend to cause quick disruptions, but are often reversed just as quickly. We’ll keep you informed as to how the markets react to all this mess, but in the meantime we’ll be looking for opportunities that may be created by the disruption.
Have a nice evening everyone.
