The Closing Look
Stock Market Commentary:
Stocks enjoyed nice gains on Tuesday as oil bounced from deeply oversold levels. However, once again, sellers showed up and sent stocks drifting lower into the close. Several leading stocks closed near their lows for the day which is not a healthy sign. The key going forward is to see how stocks close tomorrow after the Fed meeting and then, more importantly, where they close on Friday (on a weekly basis). So far, the bulls need to see more upside before the damage from last week is repaired.
Stocks enjoyed nice gains on Tuesday as oil bounced from deeply oversold levels. However, once again, sellers showed up and sent stocks drifting lower into the close. Several leading stocks closed near their lows for the day which is not a healthy sign. The key going forward is to see how stocks close tomorrow after the Fed meeting and then, more importantly, where they close on Friday (on a weekly basis). So far, the bulls need to see more upside before the damage from last week is repaired.
Gary’s Thoughts: We constantly look for light at the end of the tunnel for the average stock. As of the close today and as we have to deal with the maniacs at the fed tomorrow…nothing doing just yet. Lots more tomorrow after the earth shattering fed event is over.!