Friends
After all the hoopla about the Greek elections over the weekend, trading began with a thud and basically drifted along throughout the trading session. There wasn’t a catastrophic outcome from the Greek elections, but the simple fact is that nothing has really changed and the same problems persist. The next major point of focus will be the Fed’s open market committee meeting on Wednesday, as traders wait to see if more QE is forthcoming. In the meantime, stocks ended the day mixed as the Dow Jones Industrial average was down 25 points to close at 12,741. The S&P 500 was up almost 2 points to finish the day at 1344 while the NASDAQ was up 22 points. Gold was virtually unchanged trading at $1628 per ounce and oil was down $.91 to trade at $83.12 per barrel WTI.
Market participants continue to fret over Spanish 10 year bond yields of over 7% and the possibility of greater contagion, but stocks are proving to be very resilient. After the past two weeks of positive returns, it is somewhat encouraging that we didn’t lay a complete egg today. We have had plenty of reasons to go down this month, and traders seem befuddled by the market’s toughness. It should be an interesting week.
Have a nice evening everyone.
