Bull’s Attempt To Rally Falters

Friends

First, just a quick note/reminder- estate attorney Paul Strug will be in our office next Monday, the 20th. If you would like to visit with Paul at our office, just let us know and we will arrange a time for you to do so. Now, the markets…

Well, the bulls gave it a shot today. For most of the trading session, stocks were in a modest rally mode, with the Dow sporting a decent 100 point gain in late morning trading. But, as the afternoon wore on stocks gave up most of their gains and the bears seemed to wrestle control away from the wary bulls.

By the close, the Dow Jones Industrial Average was down 5 points to finish the day at 16,315. The S&P 500 was up 2 points to close at 1877. Gold was up $3.80 to trade at $1233 per ounce, while oil continued to fall out of bed with WTI down $3.84 to trade at $81.90. Small caps stocks finally bounced some today, but one wonders if that is nothing more than a dead cat bounce.

All the global political and economic concerns and subsequent disappointment in stocks has bond yields falling once again, with the 30 year Treasury bond breaking the 3% yield level and the 10 year note falling to 2.20%. We have been worrying about the different stories stocks and bonds have been telling. Well, the last couple of weeks are indicating that they may be somewhat on the same page at the moment.

We’ll see if the bulls can reform and try again tomorrow.

Have a nice evening everyone.

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