Friends

The Dow was able to recover from an early morning selloff, but the S&P 500 and the Nasdaq both were lower by the close of today’s trading. Oil prices moved higher this morning and bond yields moved higher too. But as the trading session wore on bonds began to rally, sending rates lower and stocks stopped falling. Until we get into earnings season, interest rates and oil prices are going to dictate the direction of stocks.

As for today, by the close the Dow Jones Industrial Average was up 51 points to finish the day at 51,231. The S&P 500 was down 36 points to close at 7,765. The Nasdaq Composite Index was down 345 points to close at 27,193. Gold was up $13 to trade at $4,154 per ounce, while oil was up $3.01 to trade at $91.29 per barrel WTI.

Every morning the first thing I look at are oil prices and the bond market. Right now, that will tell me where stocks are heading at the open. For now, let’s see how the week finishes out tomorrow and then we’ll gear up for a few weeks of corporate earnings.

Have a nice evening everyone.

Jim