Friends
Though we’ve had a couple down days in a row, volatility seems to be lessening and the losses have been muted. As we’ve mentioned, we have bumped into resistance so it will be interesting to see if the bears can keep up the pressure, or will the bulls be able to break through resistance and send the bears scurrying.
For the day, the Dow Jones Industrial Average was down 86 points to close at 23,909. The S&P 500 was down 13 points to finish the day at 2.582. Gold was up $2 to trade at $1,291 per ounce, while oil was down $.92 to trade at $50.67 per barrel WTI.
The government shutdown appears to be becoming a negative, at least with regards to sentiment, but one would expect that it is only temporary and shouldn’t be much of a factor in the long run. The banks are kicking off earnings season as Citi had decent numbers today, and the stock reacted quite well. If stocks are priced accurately with regards to earnings, we are about to find out over the next few weeks. Stay tuned.
Have a nice evening everyone.
