Friends
The basic takeaway from today’s plethora of economic reports is that the economy is hanging in there, growing slowly with modest core inflation, and that at this pace the likelihood of additional QE before the election is growing very slim. With this as the backdrop, it seems that traders don’t know what to do with themselves. They certainly aren’t trading stocks, as for the third day in a row the markets went basically nowhere on very little volume.
For the day, the Dow Jones Industrial Average was down 7 points to close at 13,164. The S&P 500 was up 1.60 points to finish the day at 1405. Gold was up $3.90 to trade at $1606 per ounce, while oil was up $.73 to trade at $94.16 per barrel WTI. We seem to be frozen in time at the 1405 area on the S&P 500, and everyone seems to be simply waiting to see which way we break next.
We’ll see if activity picks up soon. At this pace, we are seeing the smallest amount of volatility on an intraday basis that we have seen in a very long time. I’m not complaining, but this would have been a good week to have been on vacation. We’ll let you know how the rest of the week goes.
Have a nice evening everyone.
