If you are a bull, you see a day like today and figure that stocks have rallied hard over the past four days, and a little pause in the action, is probably a good thing. If you are a bear you see this short “dead cat bounce” over the past four days as one that is running out of steam and is about to roll over once again. As usual, market action is in the eye of the beholder, and one’s bias will color one’s interpretation of the events.
As for today, the Dow Jones Industrial Average was down 30 points to close at 15,963. The S&P 500 was down less than a point to finish the day at 1819. Gold was up $1 to trade at $1290 per ounce, while oil was up $.32 to trade at $100.26 per barrel WTI.
Fed Chair Yellen’s scheduled testimony before the Senate Banking Committee has been postponed for tomorrow as bad weather is due to set upon Washington D.C. We will get retail sales and weekly jobless claims numbers tomorrow, which should set the tone for the rest of the week’s trading. We’ll let you know if the bears have this thing figured out, or is it the bulls who will be enjoying the rest of the week? Stay tuned.
Have a nice evening everyone.