Wow! What a crazy week of trading, and today was not any different. Stocks swung from positive to negative to positive and back to negative as the wild volatility that we have seen for a couple of weeks now continues. Besides all of the macro global economic and political issues, the Fed’s ending of QE seems to be the major concern for market participants. We discuss it in our quarterly outlook which will be out early next week, but suffice it to say, we felt the transition from an all-out accommodating Fed to one less so would be stressful at the very least.
By the close, the Dow Jones Industrial Average was down 115 points to finish the day at 16,544. The S&P 500 was down 22 points to close at 1906. Gold was down $1 to trade at $1223 per ounce, while oil was down $.22 to trade at $85.55 per barrel WTI.
I thought I was going to lose my lunch after last week’s ride. That was nothing compared to this one. When all is said and done, it’s best just to stand back until some of the dust settles, then pick up a few bargains that end up on sale. Remember folks, we were due for a little disruption. It’s been a long time. We’ll keep an eye on it all for you and let you know how the week begins on Monday.
Have a great weekend everyone.