Friends
After a nice move higher at the open fueled by earnings reports from the likes of Disney and Pepsi, stocks lost all of their gains and fell decisively into negative territory. Is this move that we have seen higher since the beginning of the year losing steam at this point? The next real market moving economic number will be next Tuesday’s CPI report. Until then it will be up to the bulls to defend their gains.
As for today, by the close the Dow Jones Industrial Average was down 248 points to finish the day at 33,700. The S&P 500 was down 36 points to close at 4,081. The Nasdaq Composite Index was down 120 points to close at 11,789. Gold was down $18 to trade at $1,872 per ounce, while oil was down $.81 to trade at $77.66 per barrel WTI.
It’s been a choppy week of trading as market participants try to determine if we have begun a new bull market or have we experienced yet another bear market rally that will eventually fail. We know the bond market’s inverted yield curve has been telling a story that equity buyers have not believed for months now. Let’s see how this week finishes out tomorrow.
Have a nice evening everyone.
