A Day Of Rest For Stocks

Friends

Stocks were mixed in today’s trading. Perhaps market participants will begin to get a little bit reluctant to put new money to work at these levels. But, despite the seeming lack of buying interest today, there appears to be very little selling interest either. This could once again be attributed to the “there is no alternative” feeling in the market place- “if I sell my stocks where do I put my money?”

For the day, the Dow Jones Industrial Average was up 30 points to close at 27,492. The S&P 500 was down 3 points to finish the day at 3,074. Gold was down $25 to trade at $1,486 per ounce, while oil was up $.63 to trade at $57.16 per barrel WTI.

On the economic front, the ISM non-manufacturing number was better than expected, once again showing that the service sector is somewhat making up for the slack in manufacturing. As always, I have no idea what the market is going to do between now and year end, but a little pause that refreshes for a week or two wouldn’t necessarily be a bad thing.

Have a nice evening everyone.

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