Friends
Well, if today is any indication, we are in for a very quiet holiday week. Stocks drifted within a very narrow trading range for the entire session as traders seem uninterested in taking any big positions or making any major changes at the beginning of the week. As measured by the Dallas Fed Manufacturing Survey, factory activity in Texas picked up for the third month in a row, but the Pending Home Sales Index was down for the 5th month in a row confirming a negative trend in that data point. In all, mixed results on the economic front.
As for the markets, by the close, the Dow Jones Industrial Average was up 7 points to finish the day at 16,072. The S&P 500 was down 2 points to close at 1802. Gold was up $4 to trade at $1248 per ounce, while oil was down $.67 to trade at $94.17 per barrel WTI. The Iran agreement over the weekend contributed to the weakness in oil.
Once again, it could be a quiet week of trading, but sometimes a lack of involvement can produce some goofy moves in the markets. We’ll be around all week to keep you up to date, but in the meantime enjoy your time with your family.
Have a nice evening everyone.
