Friends
So far, despite the potential dust up in Syria, September has been a pretty good month for stocks. I know it’s early, but market participants always seem to brace for the worst this time of year, and so far, the path of least resistance seems to be up. Perhaps the possibility that the U.S. will not got involved in the Syria situation has emboldened traders, and frightened the shorts, or perhaps traders were just too negative coming into the month, and the recent economic data has not been that bad. For whatever the reason, stocks have found interested buyers in recent trading sessions.
For today, the Dow Jones Industrial Average was up 140 points to finish the day at 15,063. The S&P 500 was up 16 points to close at 1671. Gold was down a fraction to trade at $1386 per ounce, while oil was down $1.58 to trade at $108.95 per barrel WTI. It was nice to see the Dow close back above 15,000. Can we get the S&P back above 1700 soon?
Syria, will of course, be the major point of concern for the week, as the economic calendar is light early in the week, but by Thursday and Friday well get the weekly jobless claims, Producer Price Index, Retail Sales, Business Inventories and Consumer Sentiment. Yes, September has historically been a challenging month for investors, but the early returns have been positive. We’ll let you know how the week goes and how the Syria situation affects the markets.
Have a nice evening everyone.
