Monday, June 10, 2013

No Follow-Through after Big Friday Run-Up; Stocks Open Week Flat

Stocks meandered along the unchanged line all day in a fairly tight range (90 points top to bottom on the Dow), just one trading day removed from the second-largest gains of the year, attributed largely to the benign number supplied by the BLS on jobs.

The only news worth noting were S&P revising the US credit rating from neutral to stable and the weekend revelation that the whistleblower who exposed the wide-ranging NSA data collection of Americans' phone and internet dealings is a 29-year-old named Edward Snowden.

Neither story had much of a macro-level impact on markets, though the coming forward of Snowden has raised the stakes in the game of chicken the government is playing with the American public (remember, you're being watched right now... creepy, isn't it?).

Volume was typically summer-light, as many investors or traders have already gone into "stay away" mode for the season.

The market is desperate for direction, stuck between recent new all-time highs and the bottoms of last week's abbreviated pullback.

Where it goes from here depends largely on whatever comes out of the mouths of varius Fed governors and officials, leading up to next week's FOMC policy meeting, so this languishing could last a while.

Stocks haven't been in such a ho-hum mood since... well, last summer.

Dow 15,238.59, -9.53 (0.06%)
NASDAQ 3,473.77, +4.55 (0.13%)
S&P 500 1,642.81, -0.57 (0.03%)
NYSE Composite 9,353.20, -2.21 (0.02%)
NASDAQ Volume 1,495,601,750
NYSE Volume 3,068,391,750
Combined NYSE & NASDAQ Advance - Decline: 3326-3162
Combined NYSE & NASDAQ New highs - New lows: 258-120
WTI crude oil: 95.77, -0.26
Gold: 1,386.00, +3.00
Silver: 21.92, +0.182

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