Friends
Traders seemed content to stay on the sidelines today, as we wait on the all-important non-farm payroll report due out tomorrow morning. Consensus estimates are zeroing in on 80,000 new jobs having been created in November (much smaller than last month), and undoubtedly hurricane Sandy will be used as an excuse for the lower number. Other than Apples ludicrous gyrations, the business networks continue to focus on the fiscal cliff, just waiting for any smoke signals to rise out of Capitol Hill. In the meantime, it sure doesn’t seem to me like the two sides are getting any closer to agreeing on anything. I’m just saying…
Anyway, for the day the Dow Jones Industrial Average was able to carve out a 39 point gain to close at 13,074. The S&P 500 was up 4 points to finish the day at 1413. Gold was up $5.60 to trade at $1699 per ounce, while oil was down $1.51 to trade at $86.37 per barrel WTI. We continue to hold steady above the 1400 level on the S&P which is really impressive considering the palpable concern over the fiscal cliff.
We’ll be strapped in for the employment report tomorrow morning. We’ll let you know how the markets react to whatever the number is.
Have a nice evening everyone.
