We are seeing some cracks in the stock market. The question is, is this market beginning to roll over, or is this just a pause that refreshes that will lead to a year end Santa Claus rally? For many days now we have seen stocks open on the weak side, fall further into late morning, only to see some recovery by days end. This pattern is different if this market is indeed rolling over. Typically, a market that is topping sees early morning dip buyers from the previous day’s session get overwhelmed by sellers and up openings turn into down afternoons. Of course, many things are different these days for many different reasons.
As for today, by the close the Dow Jones Industrial Average was down 138 points to finish the day at 23,271. The S&P 500 was down 14 points to close at 2,564. Gold was down $4 to trade at $1,278 per ounce, while oil was down $.43 to trade at $55.27 per barrel WTI.
As I have mentioned, the calls for crashes and collapsing markets have increased lately. Do the bears finally have something cooking? Of course, it’s way too early to know that for sure, but assuredly stocks seem to have lost some momentum. We’ll see soon if it’s something more than that.
Have a nice evening everyone.