Friends
The news dominating the day was that Apple “only” sold 5 million iPhone 5’s this weekend. You know why they only sold 5 million iPhone 5’s this weekend? Because that’s all the iPhone 5’s they had. That seems like a good problem to have. Gee, I can’t make enough phones to keep up with demand. I’ll bet about 499 other companies in the S&P 500 wish they had Apple’s “problems”. Anyway, it’s Monday, so stocks must be down for the day, right? It seemed like every Monday throughout the Summer stocks fell, and the Fall seems to be starting out the same way.
For the day, the Dow Jones Industrial Average was down 20 points to close at 13,558. The S&P 500 was down 3 points to finish the day at 1456. Gold was down $11 to trade a $1767 per ounce, while oil continued to slide finishing the day trading down $.97 to close near $91.93 per barrel WTI.
Ever since the Fed’s big announcement, traders seem to be somewhat undecided as to what to do. One would expect that we might get a little rally this week, as it is the final week of the quarter and there seems to be a scramble for performance by hedge fund managers. But things have been so quiet since Fed day, it appears that we just might drift into the end of the quarter. We’ll keep you posted this week.
Have a nice evening everyone.
