Drifting Along

Friends

We saw another day of trading where nothing much really happened. Stocks drifted in slightly negative territory for most of the session, as traders may be holding their powder dry for the more important economic data that we will receive later in the week including ECB President Draghi’s decision on rates and QE, and of course the all-important non-farm payroll number on Friday.

By the close, the Dow Jones Industrial Average was down 21 points to finish the day at 16,722. The S&P 500 was down less than a point to close at 1924. Gold was up $2 to trade at $1246 per ounce, while oil was up $.31 to trade at $102.78 per barrel WTI.

Tomorrow we will get the ISM Non-Manufacturing Index (perhaps it won’t take them 3 shots to get it right), the Beige Book and the ADP employment report which focuses on the private sector payrolls. So far June is off to a quiet start, but things might pick up over the next few days. Let’s see how the week unfolds.

Have a nice evening everyone.

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