It is Independence Day week and it certainly felt like it today. Stocks opened around unchanged and tested the downside initially. The market found its footing though within the first hour and started to make new highs quickly.
Today's advance was done by 12.00 pm ET and from there we traded sideways throughout the end of the day. After an uneventfull day the Dow closed the session up 1.08 % (91 points) and the broad based S&P was up 0.91 % or 8.33 points.
There is really not much to say about today's market action. The market was up and it looks like the lows made early last week will be serving as a temporary barrier to the downside. Since it is a holiday week with the markets being closed on Friday activity levels should level off even more.
We have some economic numbers scheduled for release on Wednesday and Thursday but baring a big surprise we should see rather limited market movement throughout the rest of the week.
Of course...when it comes to the financial markets the rule is to always expect the unexpected.
As it is today though it is hard for me to see anything which should move the marker decisively tomorrow.
Let's see what happens,
Steve Benger
PS: Just in case...US stock markets will be closed on Friday
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