Friends
After last week’s plethora of economic news, traders seemed lethargic this morning at the opening of trading. Stocks drifted into negative territory despite a nice ISM non-manufacturing number released at 9:00 am our time. Not much really happened the rest of the day as stocks never gained any momentum.
By the close, the Dow Jones Industrial Average was down 46 points to finish the day at 15,612. The S&P 500 was down 2 points to close at 1707. Gold was down $10 to trade at $1300 per ounce, while oil was down $.48 to trade at $106.46 per barrel WTI. As far as the averages are concerned there was no damage done today as the S&P hovered safely about 1700 for the entire session.
Other than a few Fed Governors speaking this week, the economic calendar is sparse and most of earnings season is now behind us. Traders will be left to search for the next catalyst, perhaps once again trying to decide just when the Fed will decide to taper. Sometimes these calm looking weeks end up giving us more than we expected. As we enter the dog days of summer, I wouldn’t expect much though.
Have a nice evening everyone.
