Friends
Well, yesterday’s counter trend move didn’t last very long- one day to be exact. But the good news is that today’s pullback wasn’t particularly fierce, and buyers did step in to lessen the damage by the close. The CPI number came in about as expected up 7.9% year over year with the core (minus food and energy – LOL) up 6.4%. Regardless, given that we didn’t give back all of yesterday’s gains, we’ll put today’s action in the win column for the bulls (I guess that might be called grading on a curve).
By the close, the Dow Jones Industrial Average was down 112 points to finish the day at 33,174. The S&P 500 was down 18 points to close at 4,259. The Nasdaq Composite Index was down 125 points to close at 13,129. Gold was up $17 to trade at $2,005 per ounce, while oil was down $2.32 to trade at $106.38 per barrel WTI.
It is so difficult for stocks to put together a winning streak with all that is going on domestically and in the world at the moment. There are so many stocks that are massively oversold or even washed out at this point, but it appears that sentiment is going to be difficult to turn for a while. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
