First--the S&P 500. We had a chance to finish up for a fifth straight day yesterday, but the markets retreated b/c of some negative news about financials. Financial stocks closed down 0.9%, dragging the S&P 500 to its first losing session in a week--albeit a very mild sell-off. The S&P 500 closed down 0.56, or -0.05%. Hardly a reason to riot in the streets!
Second--Big Ben Bernanke gets the nod from the Prez for a second term. This is hardly a surprise, but welcome news for the media b/c now they have something to talk about for a few hours.
Third--Case-Shiller index is scheduled to be released at 9:00am, NYT. This number should--remember, should--report higher -17.1% year-over-year print we received in May. (Stay tuned for an analyst following the release.)
Forth--And, finally, oil action yesterday was more than sweet as crude approached $75/barrel. The run-up pushed oil and gas stocks higher, but 1.3%. A solid report from Case-Shiller should push oil prices even higher. We'll keep you posted throughout the day.
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.