Friends
Markets continue to trade in a relatively calm manner as we find ourselves past the halfway point in the year’s first month. Intraday volatility is way down as traders seem to be somewhat disinterested in taking any big stance before the bulk of this earnings season has played out. On the economic front we continue to get benign inflation readings and though the economy seems to moving in the right direction, it is doing so at a pace that allows the Fed to maintain its accommodative stance.
For the day, the Dow Jones Industrial Average was down 23 points to close at 13,511. The S&P 500 was once again mostly unchanged to finish the day at 1472. Gold was down $4 to trade at $1680 per ounce, while oil was up $.86 to trade at $94.14 per barrel WTI. For the week, the S&P is virtually unchanged so far. Yes, very quiet. But one thing of note is the transportation average, which is hitting all- time highs. Is this a sign of a more robust economy in the future?
Now we will begin to get the bulk of earnings news over the next 5 to 10 trading days, so perhaps well see a little more life to these markets. Stay tuned. We’ll keep you informed.
Have a nice evening everyone.
