Stocks took a breather today as, more than anything else, the buyers just seemed to run out of gas. It didn’t appear that sellers were pressing the situation and the specter of the Fed hiding around every corner is what keeps the bears up at night these days.

By the close, the Dow Jones Industrial Average was down 170 points to finish the day at 26,119. The S&P 500 was down 11 points to close at 3,113. Gold was up $1 to trade at $1,737 per ounce, while oil was down $.69 to trade at $37.69 per barrel WTI.

Today’s action was less volatile than recent trading sessions, so perhaps things are calming down just a bit after last week’s dramatic down day (hope I didn’t jinx it). With the S&P holding above 3000, we’ll acknowledge that for the moment, that the bulls are still in possession of the high ground. Let’s see if that changes over the next couple of days.

Have a nice evening everyone.

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