Friends
As you may have noticed lately, we have tried very hard not to talk about politics with regards to what we do, manage your money. Regardless of one’s political leanings (and we are well aware which way most of our clients lean), it is just too painful to watch these politicians argue with one another on television. Life’s too short. Unfortunately, with the coming budget and debt ceiling battle we have to pay attention because the financial markets tend to take notice when the risk of the government shutting down is tossed around. Of course, we are used to the politicians taking us right up to the edge before compromising, but unfortunately for now, we will have to pay attention to these folks, only because it may affect the markets in the short term.
As for today, stocks drifted in lower territory for most of the session and by the close the Dow Jones Industrial Average was down 49 points to finish the day at 15,401. The S&P 500 was down 8 points to close at 1701. Gold was down $11 to trade at $1320 per ounce, while oil was down $1.30 to trade at $103.43 per barrel WTI. The bulls are trying to hang on to that 1700 level on the S&P.
It will be interesting to see where traders tend to lean as we quickly approach the end of the 3rd quarter. On the economic front, besides speeches from Fed officials, we get housing data tomorrow along with the Richmond Fed Manufacturing Index and Consumer Confidence. On Wednesday we get Durable Goods data and new homes sales numbers. Thursday gives us the weekly jobless claims number and Friday, Consumer Sentiment. We’ll keep you informed as the week rolls on.
Have a nice evening everyone.
