Today’s trading had a little different flavor than the past 5 trading sessions. Yes, we spent time in negative territory after an early morning failed rally, but in the last half hour of trading stocks reversed a near 100 point Dow loss and turned it into a nice little gain in the market averages. Finally, it seems we found some bulls to step in and buy something, but nothing to get too excited about.
By the close, the Dow Jones Industrial Average was up 52 points to finish the day at 16,398. The S&P 500 was up 1 point to close at 1923. Gold was down $3 to trade at $1094 per ounce, while oil was down $1.89 to trade at $31.27 per barrel WTI.
Speaking of oil, this morning’s early rally in stocks was wiped out when oil rolled over and fell out of bed again. The cries for $20 oil are becoming more realistic each and every day. Let’s hope we don’t see it.
Look for the first quarter outlook that will be out in the morning, and of course for clients, a hard copy will be in your summary statements.
Have a nice evening everyone.