Friday, February 15, 2013

DEAD MARKET: Stock Indices Finish Week Nearly Unchanged

As has been repeated here and on other financial sites ad nauseum, this is about as dull a market as has ever been seen.

Even though the Dow Industrials finished positive on the day, it spent most of Friday's session in negative territory, down by as many as 61 points just 90 minutes prior to the close. It actually turned positive just two minutes before the closing bell.

The NASDAQ suffered its first losing week of the year, a laughable 1.84 point decline. The Dow fell - on a weekly basis - for the second straight week, a whopping 11-point loss on top of last week's monumental 17 point decline. A cumulative loss of 28 points in two weeks (10 trading days) is nothing more than a rounding error.

As for the darling S&P, it continued its 2013 winning streak, closing up again for the seventh straight week, though only by a mere 1.86 points. They dynamic S&P 500 went the entire week without moving more than three points on a closing basis. That's dull with a capital D.

With all this excitement, thank goodness the exchanges are closed on Monday for President's Day. The traders and all us weary writers really need a break.


Late Breaking: The SEC has filed charges in unusual trading activity in options just prior to Berkshire Hathaway's takeover of H.J. Heinz (HNZ). Geez, Uncle Warren involved in something less than ethical? The horror. The ironic twist is that Business Insider, operated by banned trader/analyst Henry Blodget, was the first on the web with the story, proving that, even on Wall Street, truth is stranger than fiction.

Dow 13,981.76, +8.37 (0.06%)
NASDAQ 3,192.03, -6.63 (0.21%)
S&P 500 1,519.79, -1.59 (0.10%)
NYSE Compos... 8,932.17, -20.91 (0.23%)
NASDAQ Volume 1,831,044,125
NYSE Volume 4,096,131,750
Combined NYSE & NASDAQ Advance - Decline: 2977-3410
Combined NYSE & NASDAQ New highs - New lows: 489-45
WTI crude oil: 95.86, -1.45
Gold: 1,609.50, -26.00
Silver: 29.85, -0.504

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