Upward Drift


As we have referenced, we are, indeed, in the dog days of summer. Stocks did trade in positive territory for most of the trading session, but not in a very convincing manner. After the flood of corporate earnings reports and economic data that we have received the past two weeks, this week might seem a bit slower. We will get a look at PPI and CPI later in the week, and we still have more companies reporting this week including Disney tomorrow. But, in comparison, it’s likely to feel like a quiet week (unless, of course, we get some macro or political headlines). 

As for stocks, by the close the Dow Jones Industrial Average was up 39 points to finish the day at 25,502. The S&P 500 was up 10 points to close at 2,850. Gold was down $7 to trade at $1,216 per ounce, while oil was up $.38 to trade at $68.87 per barrel WTI. 

Despite the quiet trading, the bulls have to be encouraged that the drift is upward, and once again we may soon challenge the January highs. Let’s see how the week plays out. Stay tuned. 

Have a nice evening everyone.

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