Tuesday, June 19, 2007

Another Quiet Trading Day

Stocks moved marginally higher on Tuesday, after sobering news from the Census Bureau of the Department of Commerce, which reported that new home and apartment starts were down 2% in May.

Just like yesterday, when all indices moved in tandem (to the downside), today saw them all making positive noise.

Dow 13,635.42 +22.44; NASDAQ 2,626.76 +0.16; S&P 500 1,533.70 +2.65; NYSE Composite 10,026.52 +21.05

Volume was moderate to low, with advancing issues beating out decliners by a 4-3 margin. New highs were again solid at 374, as opposed to just 101 new lows.

Oil futures only moved up a penny to $69.10, while gold gained 4.80 to $664.70 and silver added 9 cents to $13.33.

This is shaping up to be one of the slower weeks of trading for the year as there is no noteworthy economic news of note and the Federal Reserve's FOMC meeting is scheduled for next week.

The market's in a holding pattern, waiting for some kind of catalyst before making its next move. The Fed meeting should provide some decision-making fodder.

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