Dog Days Prompt Little Action in Stocks

Seriously, nothing of any importance occurred on either Monday or Tuesday of this week.

Remain Calm. Tomorrow the FOMC will dominate the financial landscape, but there is likely to be little of value in their statement. Rates will remain unchanged and there will be little change to their language.

Everything is geared toward September, when the president and supine congress attempt to reach compromise on extending the debt ceiling. It will be lots of show, no glory and a possible disaster, but, everybody in America has so little faith in our elected officials, what they do will be of importance only to those who care.

Back tomorrow.

Dow 15,520.59, -1.38 (0.01%)
NASDAQ 3,616.47, +17.33 (0.48%)
S&P 500 1,685.96, +0.63 (0.04%)
NYSE Composite 9,556.17, -15.62 (0.16%)
NASDAQ Volume 1,736,761,125
NYSE Volume 3,552,778,500
Combined NYSE & NASDAQ Advance - Decline: 3262-3235
Combined NYSE & NASDAQ New highs - New lows: 252-57
WTI crude oil: 103.08, -1.47
Gold: 1,324.00, -4.40
Silver: 19.68, -0.184