Friends
Traders seemed to want to remain on the sidelines today while waiting on the Fed meeting this week. We continue to see mixed results in earnings reports as the corporate reporting calendar begins to wind down, while on the economic front the Industrial Production number was decent this morning, but both Pending Home Sales and the Dallas Fed Manufacturing Survey were disappointing. We’ll see the Producer Price Index and Retail Sales figures tomorrow, and later in the week we’ll get the CPI, ADP employment, weekly jobless claims, Chicago PMI and the PMI Manufacturing Index. A full week of economic data points, indeed.
As for today, the Dow Jones Industrial Average was just about flat to close at 15,569. The S&P 500 was up 2 points to finish the day at 1762. Gold was up about $1 to trade at $1353 per ounce, while oil was up $.77 to trade at $98.62 per barrel WTI. By the close of trading on Thursday, October, which is sometimes an eventful month on the yearly calendar, is likely to be favorable for the bulls.
We’ll get the FOMC meeting announcement on Wednesday (we aren’t expecting much in terms of taper talk), which is likely to confirm that the Fed is on hold for a little while longer. Perhaps, the Chairman will attempt to lay out a new taper timeline, but I don’t think they know what they want to commit to. We’ll be watching as the week unfolds.
Have a nice evening everyone.
