sideways trading

Markets took a step back this week but gathered a bit of steam as the week came to a close. Tech is mostly leading the charge although even they took a collective breather this week. Not much new on the horizon and nothing to really move the markets. Continual poor news regarding the economy hits the wires and the markets don't even give it a passing glance. One of these days it is all going to catch up.

Happy weekend.

DJIA 8,539.73 -15.87

NASDAQ 1,827.47 +19.75

SP500 921.23 +2.86

the waiting game

Most stocks continue to trade within a fairly tight range. Energy seems to be leading the markets and financials are waiting for the next big news event to drive that basket of stocks either up or down.

Oil remain above $70, some very smart investors are starting to put some scratch into the commercial real estate sector and the dollar continues its rough go.

Happy Friday.

DJIA 8,799.26 +28.34

NASDAQ 1,858.80 -3.57

SP500 946.21 +1.32

more of the same

Oil is headed back up, over $70 a barrel again, just in time for summer driving season, funny how it works like that every year.

The BAC/MER merger is under scrutiny in Washington this week as emails are now showing that some of the dirty laundry that was at first though to be hidden was actually known by the acquiring party.

HF's had one of their best months in years when they post 5% returns for the month of May. I guess when some have fallen so far, it's easy to claw back 5%.

The VIX continues to trend downward, currently at around 27.

this market wants to go higher

despite more bad news, such as rising unemployment, the market sees it as a positive as the number of unemployed people didn't rise as much as they anticipated. So the economy is still going down the crapper - just not as fast and with as much force.

Tech is rallying, oil is sliding back after hitting 7 month highs. Keep riding the bull and get ready to hop off quickly if this bear market rally gives it up.

Happy weekend.

DJIA 8,763.13 +12.89

NASDAQ 1,849.42 -0.60

SP500 940.09 -2.37