Investors on Wall Street have had to endure the up and down volatility of the
stock market over the last several weeks and more volatility is expected to come
this week. Little by way of major economic news is scheduled to post in the U.S.
this day and thus trends will be based off of momentum that built last week and
cues from overseas markets. Both of these factors are likely to apply negative
pressure. Both European and Asian stock indices ended in the red last session
and the primary indices in the U.S. ended negative as well. The DJIA finished
off the last session lower by 1.57 percent or 172.93 points at 10,817.65.
Overall for the week, the Dow Jones finished lower by 4 percent. August is
setting up to be one of the worst Augusts on record in several years. Futures
set up for the lower open today and the negative momentum carrying through the
weekend should ensure a challenging opening day for stocks this week. One sector
making positive gains recently is precious metal gold. Gold contract bumped
higher and higher last week due to its safe haven appeal. Gold contract for
December delivery ended the last week higher by 6.29 percent at 1852.20 per troy
ounce. Frank Matto
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