A new pattern has begun to develop, and at least in the short term, it is not a good one for the bulls. That pattern that is developing is stocks selling off in the last hour of trading after failing to hold onto new highs. Once again, there has been no real damage done, but up mornings and down afternoons are not what bull markets are built upon.
By the close, the Dow Jones Industrial Average was down 27 points to finish the day at 16,179. The S&P 500, after topping out at just shy of 1853, was down 2 points to close at 1845. Gold was up $2 to trade at $1340 per ounce, while oil was down $.85 to trade at $101.97 per barrel WTI.
On the economic front, the Case-Shiller HPI showed home price appreciation still rising, but the consumer confidence report came up a bit shy of expectation. Remember we get Ms. Yellen’s testimony in the Senate on Thursday. Until then, traders will continue to monitor the battle over S&P 1848 between the bulls and the bears. We’ll keep score for you.
Have a nice evening.