Another difficult day for stocks, as buyers seem to be on strike after news of bombing overnight in Syria and, of course, last week’s drama with the Fed. There was smattering of green today on my screen, but for the most part the bears had control of the situation. Once again we can ask ourselves- is this the beginning of the long-awaited pullback? For the past three years, these little setbacks have not lasted very long.
By the close, the Dow Jones Industrial Average was down 116 points to finish the day at 17,056. The S&P 500 was down 11 points to close at 1982. Gold was up $5 to trade at $1223 per ounce while oil was up $.66 to trade at $91.53 per barrel WTI.
As I said, every time we have a couple of negative days, pundits are sure that this is it. This is the beginning of the dreaded pullback/correction/bear market. Yes, we are due, but there is no way of knowing when it will arrive, or whether this little pullback is actually the beginning of something bigger. Let’s see if the bears can hold on to the momentum and create a bit of a stir as the week progresses.
Have a nice evening everyone.