Friends
Today was a very quiet day in the markets with a slight downward bias. As we dance around the 1370 in the S&P, traders seem undecided as to which way we are heading next. In the meantime, there was no market moving news to deal with and for the day, the Dow Jones Industrial Average was down 2 points to close at 12,977. The S&P 500 was down 4 points to finish at 1369. It was disappointing that we could not close above 1370 on a weekly basis, although it was very close. We’ll see how the technicians deal with that next week. Gold was down $9 to trade near $1713 (not a good week for gold), and oil was down $2.34 to finish trading near $106.50.
As we move into March, with earnings behind us and the European situation seemingly under control for the moment, it will be interesting to see where traders take their cue over the next several weeks. Next Friday we will get the always important non-farm payroll report which may get folks fired up, one way or the other. In the meantime, we’ll keep an eye out for the next catalyst.
Have a nice weekend everyone.
