June 10th 2014 – Bulls take A breather, But Dow Scores Another Record Close
Market View:
This is such a bullish environment, all the dips are being bought including the one shortly after the open this morning.
It does seem odd that we have not has even a 20 point dip in the S&P 500 for about 2 weeks now, but hey, who’s complaining I’ve been long since the end of April!
Still I do expect a dip before the end of the week.
Market News:
U.S. stocks were little changed on Tuesday, with the S&P 500 hating its record-smashing run, as investors considered valuations.
After a 45-point decline, the Dow Jones Industrial Average added 2.82 points to 16,945.92, its fourth consecutive record close.
The S&P 500 fell roughly half a point to 1,950.80, tallying its first session in five where it did not end at a record high, with utilities pacing declines and health care the best performing among its 10 major industry groups.
The Nasdaq rose 1.75 points to 4,338.
The Chicago Board Options Exchange Volatility Index, or VIX, rose 0.4 percent to 11.19, after last week’s drop of nearly 6 percent to 10.73, its lowest in more than seven years.
For every two shares rising, roughly three fell on the New York Stock Exchange, where 380 million shares traded as of 3:40 p.m. Eastern. Composite volume topped 2.2 billion.
Tuesday data had wholesale inventories up 1.1 percent in April after a 1.1 percent gain in March.
Another report had the number of job openings at 4.0 million in April, versus 4.0 million reported the prior month.
A third release had small businesses expressing more optimism about the U.S. economy in May, with the National Federation of Independent Business reporting its Optimism Index at its highest since September 2007.
Still, the NFIB cautioned the reading remained well below those that usually come with economic expansion.
International movers: European markets closed mostly higher.
Asian markets ended mixed. Markets in China jumped while the Nikkei in Japan declined by nearly 1%.
Wednesday: 10-year Treasury note auction, 1 p.m. Eastern
News Sources: CNBC and CNN Money