Friends
We had somewhat of a roller coaster ride today in the stock market. Originally, it looked like we might have a little weakness today as stocks opened to the downside. But as often has been the case lately, the buyers appeared and pushed the averages higher by midday. The difference today was that instead of simply continuing the advance into the close, we saw a swift selloff in the early afternoon bringing the averages back to even, only to climb back into positive territory by the close.
For the day, the Dow Jones Industrial Average was up 60 points to close at 15,275. The S&P 500 was up 8 points to finish the day at 1658. Gold continued to slump, with the precious metal falling $34 to trade at $1390 per ounce, while oil was down $.13 to trade at $94.34per barrel WTI.
I am sure the bears thought they had something going in the early afternoon as the Dow dropped some 86 points to erase all of the day’s gains, but the buyers frustrated them again bidding stocks back up at the close. “Smart” money continues to look for a sizable pullback, but so far it has not developed. We continue to ask, “what are the alternatives to stocks right now?” – TINA indeed.
Have a nice evening everyone.
