Movement Without an Overall Trend
It was a quiet day in the indices as they continued to digest gains from last week and rest ahead of big central bank decisions later this week. Crude oil made another leg lower today as it closed down more than 2%. Stocks are a bit of a mixed bag right now, but today's notable action was from market leader Apple (AAPL) as the stock continued its climb above the $580.80 buy point and closed the day up more than 15 points. High-end retail was also a focus, underperforming as Coach (COH) closed down 15 points after reporting this morning that it missed its earnings estimates.
The main focus this week is the Federal Reserve's decision on Wednesday at 2:15 p.m. EDT, followed by the European Central Bank meeting on Thursday and the jobs report on Friday. At the end of last week, the market rallied on expectations for Fed and ECB action. Will traders fire the bazooka when the S&P 500 is less than 3% off yearly highs? It is hard to believe they will....652 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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