Friends
Today is a great reminder that Central Bankers and Politicians may have grandiose plans, but eventually people that are affected by those plans just might have something to say about them. The austerity protest that turned violent in Madrid, Spain this afternoon (evening for them) is a good example of the peeps having an opinion about these so called austerity programs. As these scenes made the news, stocks began to fall and turned an early day rally into a late day route.
For the day, the Dow Jones Industrial Average was down 101 points to close at 13,457. The S&P 500 was down a healthy 15 points to finish the day at 1441. Gold was down $1.70 to trade at $1762 per ounce, while oil was down $.73 to trade at $91.20 per barrel WTI.
Yes, the bulls have Central Banks in their corner attempting to prop up asset prices anywhere they can, but the bears still have the fact that the global economy is very challenged at the moment and people are frustrated and scared. Who will win this battle over the next 6 to 12 months? Is it going to be “don’t fight the Fed” or “don’t fight the people”? We will continue to navigate these unknown waters for you and keep you up to date as we go along.
Have a nice evening everyone.
