Friends
Not much happening on this Monday, as traders wait for tomorrow’s Fed meeting to begin. In the meantime, only defensive areas such as drugs and consumer staples showed modest upside as the market in general was painfully quiet. After the adrenaline rush of last year’s historic volatility, the quiet action that we have had this year takes some getting used to once again (I am not complaining, though). For the day, the Dow Jones Industrial Average was up a modest 37 points to close at 12,959. The S&P 500 was up just fractionally to close at 1371. Gold was down once again, finishing the day down $10 to close near $1700 per ounce. Oil was down more than a dollar to close near $106.35 per barrel WTI.
With Europe just a bit quiet for the moment, traders will be watching the smoke signals from the Fed to determine what direction markets may want to move as the week progresses.
We’ll keep an eye on things and let you know what transpires.
Have a nice evening everyone.
