Friends

It was a difficult day for stocks as oil prices and bond yields both pushed a little higher and confusion over the Iran peace talks continues. Nothing drastic, and you know I’m always accepting of a pause during parabolic moves higher in the stock market.

For the day, the Dow Jones Industrial Average was down 620 points to close at 50,687. The S&P 500 was down 56 points to finish the day at 7,553. The Nasdaq Composite Index was down 239 points to close at 26,853. Gold was down $44 to trade at $4,475 per ounce, while oil was up $2.25 to trade at $96.01 per barrel WTI.

We have noted that the advance in recent days has been somewhat sloppy, breadth wise with certain sectors, mainly chips, carrying the water for the market in general. Let’s see if we are due for a pause or will an advance continue shortly. Stay tuned.

Have a nice evening everyone.

Jim