Friends
As has been the case for most of the year on Mondays, stocks traded lower as investors began to ponder just what the Fed’s next actions will be and what consequences will be involved. After a weekend Wall Street journal article questioning what the Fed’s tapering policy might look like, one might have thought stocks may have been down a bit more today. Given the fact that traders are always looking to bank profits, one might have thought today would have been a good day to take a little off the table. Well, not so much.
For the day the Dow Jones Industrial average was down a modest 26 points to close at 15,092. The S&P 500 was virtually unchanged finishing the day at 1633. Gold was down $5 to trade at $1431 per ounce, while oil was down $1.06 to trade at $94.98 per barrel WTI. The bulls are hoping to hold the 1625 level on the S&P. So far we sure haven’t seen any sell in May and go away.
We have a lot of economic news on the calendar this week including the CPI and PPI numbers as well as several Fed members speaking throughout the week. Let’s see if any of this distracts traders. It will be interesting to see if the bears can gain any kind of traction at all. We’ll let you know how the week plays out.
Have a nice evening everyone.
