By Markus Heitkoetter
Stocks ended the day flat after a SLOOOOW morning session. With the E-Mini S&P confined to just a 6 point range in the first 3 hours of the day, the major indices spent most of the session in negative territory while the NASDAQ pushed higher. But in the end a late day rally helped lift the S&P and DOW back to where they left of yesterday.
The S&P ended the session virtually flat at 2068.53, compared to yesterday’s 2068.59 close. The DOW also ended the day flat, with just a 7 point .04% decrease. The DOW closed at 17862.14.
Outside of the indices Crude Oil (CL) made headlines again once again with today’s 2.16% drop.
The NASDAQ was the only major index to close in positive territory today with a .3% gain. NASDAQ’s move higher was really just a product of Apple’s (AAPL) determination to rally higher. AAPL ended the day with an impressive 2.34% gain today.
In regards to geopolitical news, Greece concerns were put on hold for a bit with Europe Union finance ministers expected to review a Greek plan over the weekend. European leaders also met with Ukraine and Russia and agreed to reaffirm a cease fire.
With international concerns put on hold, traders will now look to tomorrow’s Retail Sales report at 8:30am ET…the first significant economic data to be released this week.
Gold (GC) had a nice run higher in January. But without any major concerns or developments overseas, “safe haven” demand has dwindled and the result has been a nice trend lower.
Gold gave a PowerX Method Sell Signal on 5th Feb 2015. Based on an entry at 1256, PowerX traders are looking for an ADR Profit Target at $1187.6. Considering recent ranges the target is acceptable, but traders should use caution and consider possible round number support at $1200 an ounce on the way down.