Friends
After Friday’s nice gains, today marked another painfully quiet day of trading as stocks barely moved in either direction. But since today is Monday, stocks had to be down, right? Today marks 12 out of the last 13 Mondays that we had stocks in negative territory. Not sure what that means, but we’ll just call it the summer Monday Blues.
By the close of trading, the Dow Jones Industrial Average was down 33 points to finish the day at 13,124. The S&P 500 was down just a fraction to close at 1410. Gold was down $5 to trade at $1667 per ounce, while oil fell $.56 to trade at $95.59.
Everyone’s attention is now focused on this coming Friday and Dr. Bernanke’s speech at Jackson Hole, Wyoming. Will the Fed chairman hint at more quantitative easing before the election? We would be surprised, but then the following Friday we will get the August non-farm payroll report, which just might give the Fed chairman the reason he needs to add punch to an already full punch bowl. We’ll see if anything happens before Friday.
Have a nice evening everyone.
