As market participants spent most of the day waiting for Apple to introduce its new operating system (and early reviews are that IOS 7 looks pretty cool), stocks drifted aimlessly throughout the trading session. After last week’s volatility, traders seemed almost disinterested and perhaps content to wait on next week’s Fed meeting before taking any new positions. After the plethora of economic data points we saw last week, this week looks to be somewhat quiet as the summer season, defined by light volume, seems to be making an entrance.
As for today, the Dow Jones Industrial Average was down 9 points to finish the day at 15,238. The S&P 500 was down less than a point to close at 1642. Gold was up $1 to trade at $1384 per ounce, while oil was down $.29 to trade at $95.74 per barrel WTI. Look for S&P support to be around that 1624 area that we saw violated last week and then recaptured, and resistance in the low 1670’s which represents the highs we saw a few weeks back.
Light volume and lack of blockbuster news could provide the recipe for some interesting trading this week as averages could be easily pushed around. Can we get back on the “up Tuesday” bandwagon tomorrow? Remember, we had 20 up Tuesdays in a row before last Tuesday. We’ll let you know how the week unfolds.
Have a nice evening everyone.
