SHORT TERM: After a positive morning stocks close mixed.
Stocks opened the week mixed, rallied until 1:00, then gave it all back within an hour hitting the lows for the day at 2:00. Then rallied a bit into the close. A relatively quiet day with a positive bias. Bonds were down a few ticks, Crude off 30 cents and Gold off $2.00. At the close the SPX/DOW closed within +/- 0.10% of fridays close, adn the NDX/NAZ rose 0.15%. Lots of economic data this week. Tuesday kicks it off with another Consumer sentiment reading at 10:00. Wednesday before the open Q4 GDP, at 10:00 the Jan. Chicago PMI, and the FED’s short term rate decision at 2:15 in the afternoon. Important day! Thursday before the open is the Jan. Jobless claims and Dec. Core PCE, then at 10:00 the Jan. ISM. Finally friday has the Jan. Non-farm payrolls. Something for all the markets. Should be a wild week. Short term, as soon as the market got a little overbought today around 1:00, it quickly pulled back. Not much has changed on the wave count. It appears the market might remain in a holding pattern until wednesday. Best to your evening.
MEDIUM TERM: bullish
LONG TERM: bullish.