Friends
It was another day of political theater which once again seemed to distract market participants more than it affected their trading choices. For the most part, stocks drifted aimlessly while the FBI Director and the NSA Director answered questions before the House Intelligence Committee. More than causing market direction, it appears that never-ending political theater is causing market disinterest. Apparently, traders just aren’t comfortable taking a big stand at the moment.
As for today, by the close the Dow Jones Industrial Average was down 8 points to finish the day at 20,905. The S&P 500 was down 4 points to close at 2,373. Gold was up $3 to trade at $1,233 per ounce, while oil was down $.51 to trade at $48.27 per barrel WTI.
It is not a busy week for economic data, but we will see Existing Home Sales and the FHFA House Price Index on Wednesday, New Home Sales on Thursday, and Durable Goods on Friday. With the Fed meeting behind us and earnings season still weeks away, we find ourselves in a bit of lull in terms of the calendar. Oh, but I’m sure we can keep ourselves distracted/entertained by the political scene. Stay with us.
Have a nice evening everyone.
