Friends
The lack of volatility today had me checking my screen to make sure it was working. Since February, we have seen massive volatility both from day to day and intraday, so day’s like today stand out for being quiet. Earnings continue to trickle out and as we mentioned yesterday, the early results are stellar. Despite more good numbers, the overall market averages were quiet, but there were individual names and certain sectors that were better than the rest. The transports led by CSX and the Industrials were both strong.
As for the market averages, by the close the Dow Jones Industrial Average was down 38 points to close at 24,748. The S&P 500 was up 2 points to finish the day at 2,708. Gold was up $1 to trade at $1,351 per ounce, while oil was up a hefty $2.26 to trade at $68.78 per barrel WTI. When do we start to worry about the effects of rising oil prices on the consumer?
So far good earnings have been met with a collective yawn by market participants. Let’s see if that continues or will the bulls be emboldened by good fundamentals and begin to take share prices higher? We will see.
Have a nice evening everyone.
