The markets were open today, at least I think so. In one of the least volatile days we have experienced in years, stocks flat-lined for about 6 and half hours. The economic data continues to deteriorate (now you can decide whether the soft data is due to the extreme weather conditions) as today the Empire Manufacturing Index added to the series of weak reports. Nevertheless, despite the soft economic news, stocks continue to trade near all-time highs.
By the close, the Dow Jones Industrial Average was down 23 points to finish the day at 16,130. The S&P 500 was up 2 points to close at 1840. Gold was up $3 to trade at $1321 per ounce, while oil was up $2.39 to trade at $102.69 per barrel WTI.
As we mentioned last week, we are nearing an inflection point as it pertains to the market averages. The S&P is very near its all-time high and as we pointed out, the bears would like to see this rally fail right about here. If the bulls can push to new highs, the bears may have to retreat. It’s a short week, but we’ll see if it picks up some steam. Tomorrow’s release of the FOMC minutes could provide a spark.
Have a nice evening everyone.