Friends
Today was somewhat a repeat of yesterday, as stocks fell early (nearly 90 Dow points), then spent the rest of the day trying to pare some of the losses. Once again, it seems that traders are simply not interested in buying at the moment. It’s not so much that there is a massive amount of selling. Anyway, with earnings season about to unfold, caution seems to be the most popular stance at the moment.
For the day, the Dow Jones Industrial Average was down 55 points to close at 13,329. The S&P 500 was down 4 points to finish the day at 1457. Gold bounced back a little as the precious metal was up $12 to trade at $1658 per ounce, while oil was up $.08 to trade at $93.27 per barrel WTI. The bears will be slightly encouraged that they were able to break 1461 on the S&P, but the bulls can hang their hat on very low volume and not much energy in the sellers.
We get Alcoa earnings today after the close, and thus begins this all-important earnings season. We are concerned about the quality of earnings this time around, but it remains to be seen if stocks are priced accordingly. Let’s see how this earnings season unfolds.
Have a nice evening everyone.
