Ho hum… another day in the market…
Yea, yesterday’s yawner session came real close to gaining legs and being a bad day for the stock market, but the momentum wasn’t sustained and in the end not much happened. That’s probably the template we can use for today as well. Slow data and slow news days make for the weirdest headlines- did you know Colorado collected over $3.5mil in January on marijuana taxes?
Yesterday’s treasury auctions were strong as rates saw little change as well. Pressure was on the upwards side though, as it will have to be for the long term. As the economy does pick up steam it’s inevitable rates will have to come up to prevent rampant inflation. The question is, when will the economy really pick up steam? A report on small business optimism showed lower expectations for the future but a retail report this morning showed improved same store sales.
News like this has the markets opening practically unchanged and again making it a good day to float for time. Vigilance is necessary though since quiet days like these can lead to a stampede of trading if something triggers traders.
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