Friends
After Friday’s “the adults are away so the kids will play” rally, stocks somewhat expectedly saw some profit taking in early trading today. But after last week’s revival in equities, today’s give back was not really that bad. Of course, we have to keep one eye on Greece while we wait for news of “fiscal cliff” deals, so stocks are likely to see some volatility as we approach the end of the year.
By the close, the Dow Jones Industrial Average was down 42 points to finish the day at 12,967. The S&P 500 was down 2 points to close at 1406. Gold was down $3 to trade at $1748 per ounce, while oil was down $.51 to trade at $87.77 per barrel WTI. The bulls would like to see the S&P 500 hold 1400 this week and form a line in the sand as we enter December. On the fundamental side of the ledger stocks seem to be fairly priced right in this area, so we would not be surprised if 1400 remains as much resistance as it does support.
Well, I hope everyone had a wonderful Thanksgiving and no one got hurt on Black Friday. We are back to a regularly scheduled full week again with politicians funneling back into Washington DC. Markets are likely to be swayed by statements and rumors, so hold tight and we’ll keep you informed as we speed toward the end of the year.
Have a nice evening everyone.
