Friends
With a lack of any important news on the economic front, stocks took a bit of a breather today. Missing was the volatility of the past few trading sessions, as we started the day with a slightly negative bias and basically treaded water in negative territory for the remainder of the trading session. Traders were finally able to catch their breath, and I suspect the next couple of days will be more “interesting”.
As it was, for the day the Dow Jones Industrial Average was up 7 points to finish the session at 13,986. The S&P 500 was up a fraction to close at 1512. Gold was up $4 to trade at $1678 per ounce, while oil was up $.14 to trade at $96.78 per barrel WTI. It will be interesting to see if the bulls can penetrate 14,000 on the Dow before the end of the week. Once again, watch to see if 14,000 becomes resistance in the short run.
Tomorrow we will get the weekly unemployment claims and productivity and costs numbers. We’ll see if we can get any direction established for the week, as to this point it has been somewhat scattered direction wise.
Have a nice evening everyone.
