Today was certainly a challenging day in the markets. Inflation came in on the high side at 0.5 for the month of July. The retail sector did poorly Wal-Mark (WMT) missing the mark. Abercrombie & Fitch Co. (ANF) fell $2.32 to 61.23 for a loss of 3.65 percent. In after hours trading, it fell another $4.73 to $56.50 for a loss of 7.72 percent. This is not a bumper day for ANF holders. Deere missed its mark, causing both Deere and Co. (DE) and Caterpillar Inc. (CAT) to fall. Gateway Inc. (GTW) lowered its forward guidance and the stock fell $0.78 to $3.11 for slightly over a 20 percent drop. Crude was up $0.21 to $66.29 for a rise of 0.32 percent.
My thoughts have not changed from last Friday, when I expressed concern about oil prices, housing, interest rates, and a weak technology sector. As Doug Kass often says, the markets have no memory from day to day. So who knows what tomorrow will bring. The markets could very well reverse direction and erase today's losses. For now, I am inclined to sit on my hands.
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