Friends
Stocks drifted lower in October, and today’s start to November was more of the same. Stocks felt heavy all day and finally tumbled with a little vigor by mid-afternoon. We did see some recovery in the last hour of trading, but nevertheless the negative tone was set. We have been dancing near important technical levels for weeks now, and today we finally broke below the 2120 support level on the S&P.
For the day, the Dow Jones Industrial Average was down 105 points to close at 18,037. The aforementioned S&P 500 was down 14 points to finish the day at 2111. Gold was up $16 to trade at $1,289 per ounce, while oil was down $.09 to trade at $46.78 per barrel WTI. Natural Gas was down $.16 to trade at $2.866.
Remember, tomorrow concludes the two day FOMC meeting, but as we mentioned, we don’t expect any action on interest rates just days before a general election. Markets seem a bit jittery, whether it’s because of lukewarm earnings, deteriorating technicals or politics, you can decide. In the meantime let’s see what the Fed has to say tomorrow and of course we get the jobs report on Friday. Stay tuned.
Have a nice evening everyone.
