Friends
After yesterday’s rally the bulls were hoping for a follow through today. Unfortunately, stocks headed south early in the trading session and at one point had given back all of yesterday’s gains. But, the bulls stepped back in and moved the market averages back into positive territory late in the trading session. Those late gains could not be held, but the pattern of down early and rally late is better than the opposite-which we have seen quite a bit of lately.
By the close, the Dow Jones Industrial Average was down 63 points to finish the day at 34,751. The S&P 500 was down 6 points to close at 4,473. The Nasdaq Composite Index was up 20 points to close at 15,181. Gold was down $40 to trade at $1,754 per ounce, while oil was down a fraction to trade at $72.61 per barrel WTI.
Despite yesterday’s modest rally it still feels like the market is a bit “heavy” at the moment. But, I did like the way the bulls were able to limit the damage today and actually come close to turning a minor route into a positive day. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
