Friends
The Dow suffered a decline for the 8th straight day in a row-adding up to nearly 4% over the eight days. Hmm, pretty sneaking if you ask me. In somewhat of a paper cut fashion the Dow, which contains companies that would be affected by trade wars, has fallen into negative territory for the year. Nasdaq, on the other hand, led by stars Netflix, Amazon, Google and Facebook, has held up over the same eight day period, though it did give up 1% today. The S&P 500 is still up for the year, but those gains are shrinking.
As for today, by the close the Dow Jones Industrial Average was down 196 points to finish the day at 24,461. The S&P 500 was down 17 points to close at 2,749. Gold was down $4 to trade at $1,269 per ounce, while oil was up $.09 to trade at $65.80 per barrel WTI.
The bears have quietly, with the help of trade war worries, gained the upper hand in the past two weeks. All that work the bulls did in May and early June has evaporated quickly. As we have indicated for some time now, we are indeed, stuck in a trading range and at this moment find ourselves right in the middle of it. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
