Friends
After a week of gyrations spurred by comment after comment from the nation’s politicians, the markets seemed simply out of gas today. The President spoke in the morning- nothing. Speaker Boehner made some comments and answered a few questions a couple of hours later- nothing. Traders finally decided not to react to every word muttered today. Maybe we are getting diminishing returns of volatility caused by political commentary. Well, at least for one day.
Anyway, by the close the Dow Jones Industrial Average was up 3 points to close at 13,025. The S&P 500 was basically flat to finish the day at 1416. Gold was down $13 to trade at $1716 per ounce, while oil was up $.78 to trade at $88.85 per barrel WTI. The Dow was able to hold onto 13,000 while the S&P was able to stay comfortably above 1400. With all the verbal crossfire this week, that is somewhat remarkable.
Well, we have another month behind us and now we focus on December and the Holiday Season. Can we expect a Santa Clause rally this year? Unfortunately, the “fiscal cliff” will dominate trader’s actions for the next few weeks, at least. But maybe Santa can make an appearance before year end.
Have a nice weekend everyone.
