Market Wrap Monday

Good Evening,
                       The breeze felt different today. Not horrible. Different. This certainly did not feel like the end of the world.  Trading volume was light, the retreat was orderly, and in a way quite purposeful. First, and foremost… the US Dollar took a breather (hooray), and US Treasuries found a bid (phew !!). In fact, Treasuries found a few bids. These two factors did a lot of what you would think that they might do. Gold firmed up, The Utility sector was the day’s clear winner, and then there was Oil. Oil….hmm.
                       WTI Crude roared today. Hopes of an OPEC deal? Really? Is that why the Energy sector, and the Railroads were led out to the woodshed? Could Crude be trading off of the Dollar, and it’s underlying dependent stocks trading off of OPEC hopes and fears? I’ll let you know when I know. In the meantime, there was much profit taking among the Small Caps, and the Financials (particularly the banks after Jefferies downgraded C & WFC). People who suddenly find themselves with found money, and little protection…will take that money off of the table. It’s okay, and it’s healthy.