A Day on the Treadmill
Both bulls and bears left the party early today as the markets went for a great ride, but without much to show for it in the end. The Dow ended the day 9 points in positive territory, while the S&P closed down 2 points and the NASDAQ lost 6. Bonds continued their rally today with another gain, as the 10-year Note closed with a yield of 4.75% and the 30-year Note ended at 5%.
There wasn’t much news to start the trading week, which may help explain the relatively flat close. Traders seem to be reserving most of their expectations for the upcoming Federal Reserve meeting a week from tomorrow, when many assume the Fed will lower rates. However, this is a rate cut that may already be priced into the market, meaning it may not help as much as people think. Later this week, we look forward to Initial Claims and Retail Sales figures.
Overseas, the Nikkei dropped 2.22% and the Hang Seng was flat in the last trading session.
Mike Tosaw, Director of Education
Economic Data Scheduled for Tuesday, September 11, 2007
(All times in U.S. Central Time)
U.S.
7:30 AM: Trade Balance for July (Consensus -59.0 billion)
Great Britain
3:30 AM: Total Trade Balance for July (Consensus -37.0 billion)
Canada
7:30 AM: New Housing Prices for July (YoY) (Previous 7.8%)
European Union
None
Japan
6:50 PM: Current Accounts for August (Consensus 1900 billion)
