Wednesday, February 13, 2013

Dow Fails to Hold 14,000; Markets in Blah State

Market has a serious case of the blahs; Dow fails to hold 14,000. Expect it to hover below that level for another few weeks.

Sequestration is coming, but, until the politicians get serious about budget negotiations, the markets will reflect a similar attitude, as nothing special is expected.

Negotiations should have begun already, as the deadline is March 1, but, being as this congress is apt to procrastinate at every opportunity, don't expect anything substantive until the very end.

Meanwhile, it's tough to get excited about anything in this environment. Shorting or buying puts - other than for cheap protection - is out of the question, and the upside seems severely crimped.

Dow 13,982.91, -35.79 (0.26%)
Nasdaq 3,196.88, +10.39 (0.33%)
S&P 500 1,520.33, +0.90 (0.06%)
NYSE Composite 8,955.60, -2.00 (0.02%)
NYSE Volume 3,606,101,750
Nasdaq Volume 1,819,338,250
Combined NYSE & NASDAQ Advance - Decline: 3714-2716
Combined NYSE & NASDAQ New highs - New lows: 538-29
WTI crude oil: 97.01, -0.50
Gold: 1,645.10, -4.50
Silver: 30.87, -0.15

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