Friends
TJX was another in a line of good earnings releases from retailers in the past week or two. Quality names like Walmart, Costco, and TJX (TJ Maxx, Home Goods and Marshalls) are killing it at the moment. But it does seem to be an environment that includes winners and losers. Anyway, stocks in general as measured by the market averages struggled to gain any traction again today. Maybe concerns that the Fed won’t be lowering interest rates as soon as hoped and/or stock prices have moved mostly higher in the last several months are contributing to the lack of aggressiveness displayed by market participants.
As for today, by the close the Dow Jones Industrial Average was down 23 points to finish the day at 38,949. The S&P 500 was down 8 points to close at 5,069. The Nasdaq Composite Index was down 87 points to close at 15,947. Gold was down $1 to trade at $2,042 per ounce, while oil was down $.48 to trade at $78.39 per barrel WTI.
Again, a pause that refreshes can be a good thing and the bulls don’t appear to be too concerned at the moment. On the other hand, the bears are hoping that the tide is turning and that a pullback is imminent. At the moment there might not be a catalyst for either one of them. In the meantime,…
Have a nice evening everyone.
Jim
