A Market With No Memory

Friends

Ladies and gentlemen, we have a market that has no memory on a day to day basis. It looked like the bears had everything going their way yesterday, but here we are today and stocks basically regained everything they lost yesterday. Yes, the Fed minutes came out in the afternoon and, yes, the Fed will raise interest rates someday. Other than that, not much changed other than the direction of stocks today.

By the close, the Dow Jones Industrial Average was up 158 points to finish the day at 16,533. The S&P 500 was up 15 points to close at 1888. Gold was down $3 to trade at $1291 per ounce, while oil was up $1.45 to trade at $103.78 per barrel WTI.

We get a lot of economic data tomorrow, and odds are that the market will totally forget what happened today. It has been a year where the bulls and the bears are feeling a bit disoriented. Let’s see how tomorrow plays out.

Have a nice evening everyone.

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