Friends
Investors are tuned in to an array of Fed officials speaking this week (or are they trying to tune them out?), attempting to ascertain just what is going to transpire at the June FOMC meeting coming up in a few of weeks (June 14th and 15th to be exact). In addition to all the speeches, on the economic front we’ll get new home sales tomorrow, PMI Services on Wednesday (today’s PMI Manufacturing number showed manufacturing stalling), durable goods on Thursday and our second look at 1st quarter GDP on Friday.
As for today, traders simply did not appear to have any interest in participating in the trading session. By the close, the Dow Jones Industrial Average was down 8 points to finish the day at 17,492. The S&P 500 was down 4 points to close at 2048. Gold was down $1 to trade at $1,251 per ounce, while oil was down $.28 to trade at $48.13 per barrel WTI.
May is quickly winding down, and it appears that it might end up being a bit of a disappointment for the bulls. Yes, the 2040 level on the S&P has been defended vigorously, but how much energy are the bulls spending just to hold onto these levels. On the other hand, the bears can’t seem to totally break the spirit of bullish market participants, so we are experiencing a test of wills. Let’s see how the week unfolds and if either side can gain an advantage.
Have a nice evening everyone.
