Friends
Where were the buyers today? On another light day of trading stocks spent the session in negative territory as expectations that the Fed will use the somewhat positive economic data points (all but the employment report last Friday), to begin the tapering process sooner than later. I’m not sure if the market participants were reacting to this notion or were simply bored. Either way, stocks had a second negative session for the week.
By the close, the Dow Jones Industrial Average was down 93 points to finish the day at 15,518. The S&P 500 was down 9 points to close at 1697. Gold was down $20 to trade at $1281 per ounce, while oil was down $1.19 to trade at $105.37 per barrel WTI. The S&P couldn’t hold 1700. Let’s see if there are any repercussions tomorrow.
It’s difficult to determine whether today’s selloff really means anything. Volume is “holiday” like so far this week, so we won’t read too much into it. But we’ll surely keep an eye on things for the rest of the week.
Have a nice evening everyone.
