Stocks continue to tread water near the S&P 2100 level as neither the bulls nor the bears seem to be able to get anything going this week. Other than constant rumors concerning Greece (most turn out to be false), traders are searching for the next catalyst. The headwind for the bulls may be possibility that earnings projections will continue to decline as the year unfolds (the flipside of growth slowing would be the likelihood that the Fed would not do anything meaningful with regards to tightening). The bears still face the headwind that we still seem to be in a TINA (there is no alternative) market, with the possibility that rates remain low for an extended period of time, leaving stocks as the only alternative for growing one’s money.
As for today, by the close the Dow Jones Industrial Average was down 44 points to finish the day at 17,985. The S&P 500 was down 2 points to close at 2097. Gold was up $6 to trade at $1206 per ounce, while oil was down $.81 to trade at $ 51.33 per barrel WTI.
This shortened trading week will come to a close tomorrow. As we mentioned it was a light week for economic data and earnings releases. Let’s see who finishes the week with the upper hand, the bulls or the bears.
Have a nice evening everyone.