Friends
You know the markets are difficult when just ending the trading session off of the day’s lows is a relief. Indeed, off the lows is the new up when it comes to moves in the stock market these days. Yes, it was another difficult day for stocks as the selling pressure remains relentless. This morning’s PPI number (prices at the wholesale level) illustrates, as did yesterday’s CPI number, that inflation has not abated.
For the day, by the close the Dow Jones Industrial Average was down 104 points to finish the day at 31,730. The S&P 500 was down 4 points to close at 3,930. The Nasdaq Composite Index was up 6 points to close at 11,370. Gold was down $30 to trade at $1,822 per ounce, while oil was up $1.09 to trade at $106.80 per barrel WTI.
On a technical basis stocks appear very oversold, but as we’ve mentioned any attempts to rally are met with selling pressure. Let’s see if the poor bulls can build on today’s “strong” close as a more than 500 point Dow loss was at least reduced considerably by the close. We’ll let you know how the week finishes up tomorrow.
Have a nice evening everyone.
