It is expected to be a very
quiet week with many traders on vacation through the July 4th
holiday. It will be a short week with
reduced hours on Thursday and the market closed on Friday. There is not much economic data except for
Thursday when several important reports will be revealed. Today’s key report, the Chicago PMI, a
measure of industrial activity in the Midwest came in at a healthy reading of
62, slightly below analyst expectations but strong enough to allow markets to recover
from a mildly negative opening. Don’t
expect much in the way of momentum shifts or dramatic trading days since many
key traders are out of the office. Oil
and gold are also down a small amount.
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