Friends
As we wait for the Fed to come front and center this week, this first day of the trading week saw the continuance of the selling pressure on the tech oriented momentum stocks that we saw begin last Friday. Again today, Apple, Amazon, Netflix, Facebook and Google all saw their shares under heavy selling pressure. Remember, however, that these are the same stocks that accounted for a good portion of the gains of the market averages including the S&P 500 for the year to date. A pullback in these names could surely be refreshing. A total collapse of these names would surely be disturbing.
Anyway, for the day the Dow Jones Industrial Average was down 36 points to close at 21,235. The S&P 500 was down 2 points to finish the day at 2,429. Gold was down $3 to trade at $1,268 per ounce, while oil was up $.20 to trade at $46.03 per barrel WTI.
As mentioned this is Fed week, with the two day FOMC meeting scheduled to begin tomorrow and conclude on Wednesday. The expectation is that the Fed will increase the Fed Funds rate a quarter point. Of course, that is what analysts are expecting and by no means is a certainty. We’ll let you know what the Fed decides on Wednesday, but in the meantime it will be interesting to see if the big momentum growth stocks find some buying support soon. Stay tuned.
Have a nice evening everyone.
