Friends
Stocks picked up right where they left off on Friday in early morning trading, as the major averages all opened to the downside as the session began (the Dow was down about 65 points early on). After the initial drop, buyers spent the rest of the day nibbling at perceived opportunities helping the averages trend towards breakeven as the end of the session neared. Again, not much in the way of economic data today, but that will pick up a little as the week goes on.
By the close, the Dow Jones industrial Average was down 5 points to finish the day at 15,419. The S&P 500 was down almost 2 points to close at 1689. Gold was up $22 to trade at $1334 per ounce, while oil was up $.26 to trade at $106.23 per barrel WTI. Again, not much to discuss in terms of technical support and resistance levels as volatility was modest and volume light.
We seem to be locked into the dog days of summer trading, as volumes are light and buying interest almost nonexistent. Look for the focus to be back on the Fed over the next few weeks as we have earnings season behind us. We’ll see if anything interesting develops this week, but most likely we are a couple of weeks away from what should be a more active season for the markets.
Have a nice evening everyone.
