(As of 7:17 am pacific)
It’s a far cry from August
2011 when the stock market was extremely volatile as Congress debated the debt
ceiling limit. Instead of markets marked
by huge advances and declines, we are seeing a period of calm, with a slight
upward momentum, but generally trading in a very narrow range. Today is shaping up as another very quiet
day. A negative report from the Empire
State Index has been offset by a flat CPI report and an industrial capacity
utilization report which showed a .6% increase.
The Homebuilder’s Index rose to its highest level in five years and is
carrying the market right now. Oil is down slightly and gold is up
slightly. The dollar index is up a small
amount as the dollar is mixed. Mortgage
interest rates are trending down again.
A couple of companies, Staples and Deere, warned of a difficult market
ahead. I expect the market to
continue to trade in a very narrow range.
