Friends
As we wait for the political theater to play out over the next couple of weeks, traders seem non-committal when it comes to the stock market. The bulls seem to have lost their mojo for the moment, but the bears can’t seem to get any real pullback engineered either. Stocks, once again, spent the day drifting in negative territory as market participants seem willing to wait out this political drama on the sidelines.
By the close, the Dow Jones Industrial Average was down 66 points to finish the day at 15,334. The S&P 500 was down 4 points to close at 1697. Gold was down $4 to trade at $1323 per ounce, while oil was down $.25 to trade at $103.34 per barrel WTI. For today, the bulls were not able to hold onto the 1700 S&P level we have been watching.
On the economic front, home prices are slowing on a month by month basis, but still growing on a year over year basis, and the Consumer Confidence number was just slightly less than expected, but deteriorating a bit. Next week we’ll get a look at the employment situation and then the following weeks will bring another earnings season. Of course, first we have to deal with the political environment and what, if any, the effect will be on the markets. So far, not much to get excited about this week. Let’s see how the rest of the week goes.
Have a nice evening everyone.
