Friends
Market participants decided to sell before tomorrow morning’s Consumer Price Index release. Since the rally 2 weeks ago, stocks have had trouble gaining any new traction and today looked like an acceptance that the late May rally in stocks was nothing more than another Bear Market rally. As we have said this bear market might be measured in time more than price, but of course that remains to be seen. But why I say time more than price is that the headwinds that we have identified since late last year continue to persist and are likely to do so for some time.
As for today, by the close the Dow Jones Industrial Average was down 638 points to finish the day at 32,272. The S&P 500 was down 98 points to close at 4,017. The Nasdaq Composite Index was down 332 points to close at 11,754. Gold was down $7 to trade at $1,849 per ounce, while oil was down $.90 to trade at $121.21 per barrel WTI.
Investors decided that they preferred the sidelines before tomorrow’s CPI release. Let’s see if that was the correct call. We’ll let you know how the week finishes out tomorrow. Stay tuned.
Have a nice evening everyone.
