Friends
Two very quiet days of trading. Today we ended positive after an early morning selloff, but for the most part we have just been drifting so far this week. Quite frankly, I am just fine with that. For the day, the Dow Jones Industrial Average was up 21 points to finish the day at 12,471. The S&P 500 was up 3 points to close at 1295. Gold was up $10 for the day to finish near $1650. Oil was down nearly $2 to close near $98 WTI.
It looked like we were going to have a big up opening when overnight the Italian bond auction actually went very well (good demand believe it or not). But before the opening we got a disappointing retail sales number, and an equally disappointing weekly jobless claim number (399,000 new claims- getting dangerously close to going back over 400,000). It was encouraging to see the market recover from the lackluster domestic economic news to squeeze out a gain.
Let’s see if we can get north of 1300 on the S&P in the next day or two, which may embolden traders to get more involved, and freak out underinvested hedge fund managers. We’ll keep you informed.
Have a nice evening everyone.
