Another Reversal Day


We had another nice reversal in the stock market today as an early 125 Dow point loss was turned into a 50 point Dow gain in early afternoon trading. After that things went basically sideways for the last couple of hours. On the economic front, an awful Empire State Manufacturing number was offset by a bullish Homebuilders Sentiment number.

By the close, the Dow Jones Industrial Average was up 67 points to finish the day at 17,545. The S&P 500 was up 10 points to close at 2102. Gold was up $3 to trade at $1116 per ounce, while oil was down $.60 to trade at $41.90 per barrel WTI.

On Wednesday we get the Fed minutes from the last FOMC meeting, and it will be interesting to see just how close some of the voting members are to lift off. If we see wording that describes deficiencies as transitory, that might be taken as confirmation that they are ready to justify a coming rate hike. Other economic data points include housing starts tomorrow, and jobless claims, leading indicators and existing home sales on Thursday. We also get earnings reports from major retailers this week. Let’s see how the week unfolds.

Have a nice evening everyone.

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