Friends
I haven’t seen markets this quiet in a long time. The guys in the office had to wake me in time to do today’s email. In all seriousness, without any real news of any consequence, stocks have just meandered along for most of this week on very little volume. With earnings season winding down and very little news out of Europe, everyone seems to be waiting to see which way we break next. Of course, markets this quiet can be pushed around easily, and in the last 15 minutes of trading, we did get a little rally.
For the day, the Dow Jones Industrial Average was up 42 points to close at 13,207. The S&P 500 was up 3 points to finish the day at 1405. Gold was up $3.60 to trade at $1623 per ounce, while oil was virtually unchanged to trade at $93.40 per barrel WTI.
The S&P 500 closed right at a serious resistance level. We’ll see if the bulls can clear this level and take the S&P through 1425 in the next few weeks. As I mentioned, if we can get clear of 1425 we could run into the fall. Next week we’ll get more economic data, so traders will have something more tangible to deal with. Let’s see who can take control next, the bulls or the bears. Stay tuned.
Have a great weekend everyone.
