Friends,
The dog days of summer continue as stocks spent another day simply drifting along in a very narrow range. With no real news of any sort, other than the unending debate about the disaster that is Facebook and the ultimate success story that is Apple (today becoming the most valuable company per market capitalization, ever), the talking heads on television seem to be officially out of things to talk about. In the meantime, traders simply seem to not want to get very involved at the moment.
For the day, the Dow Jones Industrial Average was down a devastating (just kidding) 3 points to close at 13,271. The S&P 500 was basically flat to finish the day at 1418. Gold was up $4 to trade at $1623 per ounce, while oil was down $.10 to trade at $95.91 per barrel WTI. The S&P 500 continues to hold slightly below a major resistance level (or what the bears may call a triple top).
On the economic front, later in the week we get reports on existing home sales, manufacturing PMI and durable goods orders, as well as weekly jobless claims. On Wednesday we get the FOMC minutes, but nothing new is expected there. So as we look ahead into the week, with earnings season behind us, it would not be surprising if the drift continues.
Have a nice evening everyone.
