A very subdued market so far (at 2 p.m. New York time) today. Maybe its the solar eclipse. After all who wants to put on a long position when the sun is about to be eaten by dragons?
As of 2 p.m. the Standard & Poor’s 500 stock index was up just 0.06%.
But under the placid surface the trends that have characterized the market recently continue to work. Gold is up another 0.5% to $1298 a ounce and is now knocking on the door of the psychologically important $1300 level. The dollar continues to retreat–it’s down about 0.48% against the euro to $118.18. Oil is down too with U.S. benchmark West Texas Intermediate off 2.78% and Brent down 2.25%. That has taken West Texas Intermediate to $47.11 a barrel.
This morning my in-box had a sprinkling of luck-warm recommendations to buy on the dip after last Thursday’s drop. Those were balanced by calls to sell before the bottom falls out.
The market seems balanced, then, between complacency and fear. And I’d say fear is gaining adherents.