Friends
The word contagion is back on the lips of market participants. We went through this with Greece and others over the past many decades. Markets are never quite sure originally when these crises arise just how it will affect the rest of the world. So, it’s not surprising that the bulls are a bit back on their heels the last couple of trading sessions with the angst developing around the situation in Turkey and its currency. Stocks tried to get off to a positive start for the week in early trading, but quickly dipped into negative territory.
By the close, the Dow Jones Industrial Average was down 125 points to finish the day at 25,187. The S&P 500 was down 11 points to close at 2,821. Gold was down $17 to trade at $1,201 per ounce, while oil was down $.29 to trade at $67.34 per barrel WTI.
As we have mentioned it is quiet at the moment with regards to economic data and corporate earnings. The Fed doesn’t meet again until September, so macro- economic situations (Turkey, China etc.) are positioned to get a lot of attention, as is the Lira situation in Turkey. Contagion will be the buzzword this week. Stay tuned.
Have a nice evening everyone.
