Friends

It was a less than stellar day for stocks, and disappointing for the bulls overall. Early morning rallies in all the major averages dissipated as the trading session wore on, with even the Nasdaq ending lower for the day after a very strong start.

By the close, the Dow Jones Industrial Average was down 307 points to finish the day at 51,839. The S&P 500 was down14 points to close at 7,443. The Nasdaq Composite Index was up 12 points to close at 25,508. Gold was down $8.50 to trade at $4,010 per ounce, while oil was up $.54 to trade at $83.03 per barrel WTI.

Although corporate earnings look like they will continue to be strong, the overall feel of the market is a bit lethargic at best. Maybe share prices are just too high or perhaps the perception is that this great run we have seen in corporate earnings is peaking. Of course, market participants have the Fed and the direction of interest rates to concern themselves with and of course the continuing war with Iran. So, despite good news on the economy and corporations, there still remains obstacles for investors. In the meantime, let’s see how this earnings deluge this week and next plays out. Stay tuned.

Have a nice evening everyone.

Jim