Friends
Stocks made several attempts to add to Friday’s modest recovery, but in the last half hour the bears got the upper hand. The Dow had been up more than 100 points early in the afternoon before wilting, but you could feel the sense of caution among market participants. Worries that we are at the end of the economic cycle and that this earnings season that has just begun will be as good as it gets, continues to head the list of concerns that are permeating the markets.
As for today, by the close the Dow Jones Industrial Average was down 89 points to finish the day at 25,250. The S&P 500 was down 15 points to close at 2,750. Gold was up $6 to trade at $1,228 per ounce, while oil was up $.26 to trade at $71.60 per barrel WTI.
The bulls are going to have to be patient as volatility is likely to continue for some time. Remember, after the huge January that we had stocks fell more than 11% from top to bottom in just three weeks as we entered February. Then volatility took hold, but eventually died down into the summer. We’ll be watching earnings very closely and paying special attention to corporate guidance over the next few weeks. Stay tuned.
Have a nice evening everyone.
