Friends
Remember, we had that two day pullback after the Brexit vote but quickly followed that up with a nice rally. But for the last couple of weeks we have seen stocks pretty much running in place. We continue to alternate between up and down days, but basically going nowhere. Earnings continue to be the story with the likes of Facebook hitting it out of the park yesterday, and today we get Alphabet (Google) and Amazon after the closing bell.
As for today, stocks drifted aimlessly for most of the trading session and by the close the Dow Jones Industrial Average was down 15 points to finish the day at 18,456. The S&P 500 was up 3 points to close at 2,170. Gold was up $5 to trade at $1,332 per ounce, while oil was down $.78 to trade at $41.14 per barrel WTI.
It will be very interesting to see how long this market malaise last as we are into the dog days of summer. Once we get past this earnings season will market participants again start to focus on the Fed and the possibilities of a September rate rise? Perhaps politics will begin to draw trader’s attentions, and good luck trying to handicap this upcoming election. First, let’s digest some more earnings reports and see how the week finishes up.
Have a nice evening everyone.
