DIA -.93%, SPY -1.04%, QQQQ -.81%
10-Year Treasury, +2/32 yielding 4.48%
Today was simple profit taking, nothing more nothing less. For the last four days the market has closed up, so a breather is natural for the markets. In addition, the market is entering earnings season, so traders want to take some money off the table to re-invest as the season progresses.
The 10-year Treasury gained 2/32 to yield 4.48%. This week has been a weak time for the bond market, as no major economic news came out. As a result, trading was thin at best. This will change next week, especially because trade figures come out.
Oil continued its week long slide, losing 1.5% to close at $53.32/bbl. Oil has dropped 9% this week. The only major news was Saudi Arabias announcement it would pump 11,000 more barrels of oil per day to help with the demand situation. This is really a very insignificant amount of oil in the big picture of things.
The dollar lost .4% versus the Yen and .6% versus the Euro. The dollar has rallied versus both currencies for the last few weeks, so a breather -- a technical sell-off -- is in order. Additionally, and more importantly, the US trade figures are released on Tuesday. These figures could once again send the dollar lower.
All in all, this felt an awful like a day before a long weekend in the market. No news, most people probably leaving the office early to play golf.