Friends
The volume was so light today, it was like watching paint dry. The difference between now and 25 years ago? Watching paint dry now involves 100 point moves in the Dow Jones Industrial Average. After all was said and done, the Dow was down74 points to finish the day at 12,079. The S&P 500 was down almost 12 points to close at 1251. Traders seemed to be simply watching today as there was not a lot of news to move them in either direction. Gold was down $7 to $1781, and oil was down $1 for the day to close near $98 per barrel WTI.
This week will be marked by earnings reports and holiday forecasts from the retail sector. Tomorrow, we will get reports from Home Depot and Wal-Mart. We will get a good idea as to what retailers are thinking as the holiday shopping season approaches. Of course, we will also be keeping an eye on Europe and specifically yields on Italian bonds, as well as those in Spain and France. We will need some semblance of calm from the Eurozone if we are to have a nice holiday rally.
We’ll keep you informed as the week progresses. Have a nice evening everyone.
