A rather lazy session for an expiration. Trended lower from a higher open, found the low midday, trended back upside to the last hour though still well off the early session highs.
SP500 -2.37, -0.115
NASDAQ -5.38, -0.11%
DJ30 10.62, 0.06%
SP400 -0.02%
RUTX 0.30%
SOX -0.08%
Perhaps volume runs higher on the close, but thus far trade is running below Thursday's rather tame levels. Again, quiet for an expiration and quiet volume all week.
Industrial production was better than expected, Capacity was better than expected. On the flip, Michigan sentiment dipped below 90 from 93.5. But, does this indicator matter? Hmmm. Business inventories rose 0.2% while sales fell. Mixed data, but with the headline data reported and some of the stock indices at new highs, you have to wonder just how long the Fed can remain on idle. Its henchmen, the other world central banks, want the US to hold rates steady forever, but once again the Fed's own metrics point to a rate hike as being necessary.
Oil is up modestly (45.98, +0.30), bonds are lower (1.59%). Indices are sluggish but mostly holding the gains into the weekend.
Didn't get the kind of push we wanted to bank more gain, but on the session nothing changed the character of the market and over the weekend nothing likely does either. I mean terror attacks on top of everything else that has happened in the US and elsewhere and the market is holding the gains.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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