I guessed correctly yesterday the market would be down today, Mr. Market wasn’t going let me gloat because he recovered almost all losses for the day and set the markets to open higher tomorrow.
The Russell 2000 came back above the important 829 support / resistance to close at 832.22. If the $RUT continues to show weakness the DOW will follow.
SSO closed at 57.94, SPY closed at 140.22, gold closed at 1662, GLD closed at 161.28, SLV closed at 31.33, WTI oil closed at 103, Brent closed at 121 and the USD ended up at 79.29 falling from 79.52.
The Russell 2000.
The volume was low today as it has been and until it becomes a ‘thing’ not much will happen except the usual melting up and down we have been witnessing for the past month. As the continued melting up progresses the risk factor also increases, so it was good to see a couple of down days of this bull run without merit. I can’t decided at this point if I am a bull or bear.
The continued meddling in finances by the Fed’s has created a monstrous problem to which I see no easy way out and that leaves me skeptical of any long term investments. At this point in the run, you are either in or you are out of the stock market.
I am guessing that the markets will open up tomorrow and fall a bit by the afternoon. See everyone tomorrow.
Written by Gary