Friends
Stocks were quiet today, with the exception of General Electric which after cutting their dividend experienced an awful day of trading. A once mighty giant has really lost its way. But other than the GE news things were calm. What I find so interesting right now is that the investing public continues to show signs of complacency, while at the same time investment pros/gurus continue to act as if their hair is on fire-calling for crashes and bear markets on an almost daily basis. It really is quite a disconnect.
As for today, by the close the Dow Jones Industrial Average was up 17 points to finish the day at 23,439. The S&P 500 was up 2 points to close at 2,584. Gold was up $4 to trade at $1,278 per ounce, while oil was down $.06 to trade at $56.69 per barrel WTI.
It was an odd mix of winners and losers today with staples finally having a good day. Remember, we get a lot of earnings from retailers this week including Home Depot ,Target, Best Buy, Gap, TJX, Ross Stores, Williams Sonoma and Walmart. It will be real interesting to see how accurately the shares of these companies are priced. We saw some odd moves last week in stocks like Macy’s. We’ll let you know how the week plays out.
Have a nice evening everyone.
