Friends
It was another difficult trading session for the bulls. Any hopes that a Santa Claus rally might begin to take shape this week were dashed. Sentiment is awful as recessionary indications are everywhere and as we know the Fed is still firmly in their hawkish rate raising stance.
By the close, the Dow Jones Industrial was down 162 points to finish the day at 32,757. The S&P 500 was down 34 points to close at 3,817. The Nasdaq Composite Index was down 159 points to close at 10,546. Gold was down $3 to trade at $1,796 per ounce, while oil was up $1.36 to trade at $75.65 per barrel WTI.
Can the bulls turn the tide this week? Well, sentiment is so bad that a move higher might be the path of least resistance. But a lot of damage has been done and tax loss selling is probably still a factor into year end, so the bulls have a daunting task ahead. Where’s the little man in the red suit?
Have a nice evening everyone.
