It seemed like today’s volatility (and yes, there was more volatility today) was simply traders not sure what they wanted to do after the 3 day weekend. Stocks had a little spike to the upside at the opening of trading, but before too long market averages were trading in the red. After a couple of advances and retreats (the retreats led by oil rolling over once again), stocks ended the day with modest gains.
By the close, the Dow Jones Industrial Average was up 3 points to finish the day at 17,515. The S&P 500 was up 3 points to close at 2022. Gold was up $16 to trade at $1292 per ounce, while oil was down $2.30 to trade at $46.39 per barrel WTI.
We have a somewhat light economic calendar this shortened week with housing starts on Wednesday, jobless claims on Thursday, and leading indicators and existing home sales on Friday. Other than that, we’ll keep an eye on the ECB meeting on Thursday and of course monitor the unfolding corporate earnings season. So far, the early returns have been less than stellar. Of course, we have the State of the Union address tonight, but with a lame duck Democratic President and Republican Congress I wouldn’t hold my breath that much will be accomplished over the next couple of years. Anyway, let’s see how the week plays out.
Have a nice evening everyone.