It sure looks like the correction that market pundits have been predicting for 3 years now might be upon us (some might say it is overdue and needed). Despite a good weekly jobless claims number, stocks were overwhelmed by weakness abroad and continually disturbing global headlines. It doesn’t so much feel like a rush to get out the door, as it does a buyers strike. Traders, distracted by all the difficult headlines, just don’t seem compelled to step in and buy at the moment.
As for today, the Dow Jones Industrial Average was down 75 points to close at 16,368. The S&P 500 was down 10 to finish the day at 1909. Gold was up $5 to trade at $1313 per ounce, while oil was up $.66 to trade at $97.58 per barrel WTI.
We’ll see how the week ends tomorrow, but the dog days of summer are upon us. Will this be just a typical pull back of 5% to 7%, the type we have seen over the last few years, or will this develop into something more substantial? Either way, opportunities should develop for long term investors.
Have a nice evening everyone.