The Closing Look

Stocks slid on Wednesday, dragged lower by a steep decline in Gold and Silver. Gold and Silver stocks have been one of the strongest areas in the market all year but are now in pullback mode as they recently placed a near term top and broke below their respective 50 DMA lines on Wednesday. Economic data was mixed. Existing home sales slid by -3.2% last month to 5.39 million units, missing the Street’s estimate for 5.52 million. A separate report showed that home prices edged higher by 0.2%, also missing estimates for a gain of +0.3%.

Gary’s Thoughts: Crummy day. Our thoughts on gold/silver coming to fruition but that was ugly in the stocks. Market hit decently, especially healthcare. Probably on Hillary yapping about Mylan. We are actually complimenting her (really) as Mylan took advantage of a monopoly. Egregious and greedy come to mind.