Friends
The bulls thought they had Santa all dialed into their GPS system yesterday, but a negative view from a hedge fund behemoth and the continuing collapsed of Tesla shares really took the wind out of their sails. Stocks opened lower and by midday were dropping like the temperature. Yes, there was a bounce off the lows but in the end the sellers still held the upper hand over the buyers.
By the close, the Dow Jones Industrial Average was down 348 points to finish the day at 33,027. The S&P 500 was down 56 points to close at 3,822. The Nasdaq Composite Index was down 233 points to close at 10,476. Gold was down $24 to trade at $1,800 per ounce, while oil was down $.12 to trade at $78.17 per barrel WTI.
We have one more trading session before the Christmas break, so the bulls have their work cut out for them. Officially, the Santa Claus rally period is the last 5 trading days of the year and the first 2 trading days of the new year. As the guy in the movie said, “so you’re saying there’s a chance”.
Have a nice evening everyone.
