Friends

We seem to be running the same play over and over again - oil prices rise, bond yields rise, stocks fall or vice versa. Of course, oil prices have been reacting to day-to-day happenings in the Middle East, but bond yields rising is a momentum trend that seems pretty locked in at the moment.

As for stocks, by the close the Dow Jones Industrial Average was down 347 points to finish the day at 51,481. The S&P 500 was down 59 points to close at 7,683. The Nasdaq Composite Index was down 248 points to close at 26,820. Gold was down $157 to trade at $4,164 per ounce, while oil was up $.45 to trade at $92.86 per barrel WTI.

We are a couple weeks out from earnings season, so the focus is likely to continue to be on oil prices and the bond market. Again, stocks have been resilient given the hand they have been dealt. Let’s see how the week plays out. Stay tuned.

Have a nice evening everyone.

Jim