Friends
Stocks were mixed today with the Dow faltering while the S&P 500 and the Nasdaq mainly held serve. If you are a long-term bull (and I hope you are) days like this are needed. We continue to be concerned about valuation and one way to deal with that is to pause periodically and let earnings catch up to share prices. Of course, it’s almost never that easy.
Anyway, for the day the Dow Jones Industrial Average was down 305 points to close at 39,475. The S&P 500 was down 7 points to finish the day at 5,234. The Nasdaq Composite Index was up 26 points to close at 16,428. Gold was down $19 to trade at $2,165 per ounce, while oil was down $.27 to trade at $80.80 per barrel WTI.
Despite the pullback in the Dow today, it still feels like the bulls are in control of the situation. On down days it feels like it’s more about buyers pausing than sellers pressing. Let’s enjoy the beautiful weather and get back at it next week.
Have a great weekend everyone.
