I see them on TV so I know they’re out there, but all those men and women on the floor of the NYSE and in trading rooms all over the globe simply don’t seem interested in the markets right now. As we have noted, the volatility and volume have dried up as stocks continue to drift from day to day. Now, other than for writing purposes, I am not complaining. I don’t long for those wild gyrations and confidence killing high frequency trading influenced sessions. I’ll take calm and steady any day. Stocks did drift into negative territory for most of the day, but not by much.
By the close, the Dow Jones Industrial Average was up a meager 2 points to finish the day at 16,945. The S&P 500 was down less than a point to close at 1950. Gold was up $7 to trade at $1261 per ounce, while oil was up $.16 to trade at $104.57 per barrel WTI.
As I mentioned yesterday, we have a somewhat light calendar of economic news, and we are in between earnings seasons, so finding a catalyst might be somewhat difficult as the summer begins. Of course, markets tend to move on the unexpected, so you never know. We’ll keep an eye on what is in front of us and be prepared for what is not.
Have a nice evening everyone.