A Look at Wednesday’s Market Activity: The overall market moved moderately lower in a broad based move that saw every sector index I track move lower as well. The weakest sectors were the Gold/Silver, High Tech, Banking, Broker/Dealer, Chemicals, Oil Services, Commodities, and Transports. In the commodities, Oil was lower by $2.24 to $86.29 and Gold was lower by $5.80 to $1,647 per ounce. In the grain market, Wheat was lower by $.056 to $6.194 per bushel, and Corn was lower by $0.054 to $6.384 per bushel, while Soybeans were lower by $0.256 to $12.25 per bushel.
A Few Thoughts Before the Open: In looking at the charts from yesterday’s trading activity I have the following comments:
1. Granted yesterday was down day and most of the indices I follow appear to be tracking sideways; however a few appear to be showing renewed weakness.
2. Individual stocks appear lackluster with no clear direction.
The Bottom Line: I believe we are still basically in a sideways trading pattern.