It appears that the stock trading community is on an extended spring break. For a third trading session this week, volume has been light and volatility almost non-existent. Yes, we have drifted lower over the past couple of sessions, but more than bears selling, it really seems to be more of just no one willing to step up and buy anything, given the rally that we have just seen over the preceding weeks. Once again, the Fed news is behind us and we are a couple of weeks away from earnings season, so there just doesn’t seem to be any catalysts for the bulls.
As for today, by the close the Dow Jones Industrial Average was down 79 points to finish the day at 17,502. The S&P 500 was down 13 points to close at 2036. Gold was down $27 to trade at $1,220 per ounce, while oil was down $1.67 to trade at $39.78 per barrel WTI.
With just one more trading day left in this holiday shortened week, it would be surprising to see traders wanting to make a stand before everyone heads out tomorrow afternoon. Perhaps the shorts will want to cover before a 3 day weekend, which could support share prices tomorrow, but there simply doesn’t seem to be much enthusiasm from either side at the moment. We’ll let you know how we finish out the week tomorrow.
Have a nice evening everyone.