Stocks traded in a tight range on Thursday and closed basically flat. Another dull summer day of trading. The Dow lost 3-points and the C and S-fund barely moved from Wednesday's close.
I'm out of town this week spending time with my home town friends and family - first time in six years. I want to do more visiting than market analysis this week so I'm hoping for a quiet week for stocks so I can keep the commentary brief.
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The SPY (S&P 500 / C-fund) is still at the top of a rising trading channel and looking good, but there is some room to fall even if it stays in the range. These quiet, very low volume inclines can go on a lot longer than would seem reasonable. But if bad news hits the news
wire, there cam be a quick shakeup.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
Bonds fell sharply on Thursday pushing the AAG back down into the sideways trading channel. It broke a short-term rising support line so there is some bearishness to bonds, although it remains above the 20-day EMA, which could hold as support here.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
It was another quiet day during my vacation so I am going to take this opportunity to cut things short again. I fly back home on Monday so just one more day of these quick commentaries.
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Thanks for reading! Have a great weekend.
Tom Crowley
Posted daily at TSP Talk Market Commentary
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