Courtesy of John Nyaradi.
Today was another sleepy day for stocks and ETFs as markets continue to consolidate and flat-line
Markets finished mixed and flat for the second day this week, as stocks and ETFs continue to recover after last week’s fireworks.
The SPDR S&P 500 ETF (NYSEARCA:SPY) lost .08%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) added .06%, the PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ) added .09%, and the iShares Russell 2000 Index ETF (NYSEARCA:IWM) lost .33%.
Markets didn’t show even one ounce of excitement towards a positive Home Builders Survey released today; the report indicated that the Housing Market Index had risen to its highest since June 2006, before the epic real estate crash and burn. Considering that the housing sector is still a major drag on our economic recovery, any good news is good to hear, no matter how small the improvement. Read more about today’s economic reports here.
Across the pond, indices and stocks continue to sink as investors remain unsure about whether the ECB will really go forth with their “forever” easing strategy. Further across the pond in the Middle East, anti-American violence and protests continue, and on the other side of the other pond (Pacific), Chinese stocks continue to decline as China sends a flotilla to the Senkaku/Diaoyu islands among dispute with Japan. Read more about our world’s woes here.
Bottom Line: Markets continue to flat line and consolidate as investors wait for anything to kick indices up or down. With an election, fiscal cliff, and continued violence abroad, the boredom will likely not last long, especially since the effects of Dr. Bernanke and Mario Draghi’s easing have not yet been fully realized.
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