Friends
It must be Monday, the stock market was down. As we have seen all summer, stocks seem to rally on Fridays and then sell off on Mondays. There really is no magic explanation, we’ll just assume that traders basically start each week scared to death of what might happen and by the end of the week (if the world didn’t come to an end) they are relieved and comfortable in buying shares. Another way of saying it might be that the bears get all nice and “short” on Monday and end up “covering” (buying) later in the week when stocks don’t go down.
Anyway, (I beat that to death, didn’t I ?) for the day, the Dow Jones Industrial Average was down 52 points to close at 13,254. The S&P 500 was down 8 points to finish the day at 1429. Gold gave back a little of last week’s gain as it was down $12 to trade at $1727 per ounce, while oil was down $.14 to trade at $96.28 per barrel WTI.
The big news of the week will be the Fed meeting which begins on Wednesday. On Thursday we’ll get the Fed decision and all eyes will be on what type of QE Dr. Bernanke and the gang will come up with (or not). We’ll get a lot of other domestic economic news later in the week so we’ll be tuned in to see what develops. We’ll keep you informed.
Have a nice evening everyone.
