Friends
Oh well, just another down Monday, after finally breaking the trend last week. On this quiet Columbus Day, trading was light and volatility was modest. Tomorrow, after the close, Alcoa kicks off earnings season. We are curious to see how stocks react after expectations have been lowered. Are prices too high, or with the Fed as a backstop will traders be emboldened to buy any dips that may occur when companies report?
As it was, for the day the Dow Jones Industrial Average finished down26 points to close at 13,584. The S&P 500 was down 5 points to finish the day down 1455 points. Gold was down $2 to trade at $1778 per ounce, while oil was down $.20 to trade at $89.68 per barrel WTI.
Our quarterly outlook should be available tomorrow and of course clients will receive a hard copy with their 3rd quarter summary report.
Have a nice evening everyone.
