SHORT TERM: despite good economic news market ends month quietly.
Markets opened on a positive note this morning, as the PCE came in at 0.1% and consumer spending’s 0.8% rise was the highest of the year. But the positivity was short lived as the market retraced and stayed in a narrow trading range for the rest of the day. The NDX/NAZ did mange to make new highs for the advance but closed slightly lower. Since this is the last day of the month, it is likely that the portfolio managers were busy shifting into the big gainers for August, rather than putting new money to work. Tomorrow the employment report and an assorted array of economic reports to end this busy week. The markets continue to look positive, but I would like to see it to start trending higher again soon. Its been in a malaise now for about two weeks. TGIF.
MEDIUM TERM: most major indices uptrending
LONG TERM: bullish.