Friends

It appeared that market participants just weren’t that interested today after what was a pretty good week for stocks. Retail sales surprised to the downside which again would likely feed into the narrative that Fed will keep interest rates the same next month.

For the day, the Dow Jones Industrial Average was down 107 points to close at 53,732. The S&P 500 was down 13 points to close at 7,785. The Nasdaq Composite Index was down 73 points to close at 26,729. Gold was up $13 to trade at $4,433 per ounce, while oil was up $1.04 to trade at $82.29 per barrel WTI.

At the halfway point in the third quarter the bulls appear to be firmly entrenched on the high ground. Earnings have been good, and economic data is making a case for the Fed to hold steady with interest rates. Let’s see if the bulls can keep the momentum as we move into the second half of the third quarter.

Have a great weekend everyone.

Jim