By Markus Heitkoetter
It was another slow day of trading with most stocks continuing to trade in a smaller than normal range.
Stocks were slightly lower in the morning ahead of today’s FOMC Minutes. There was a positive response when the minutes were released, but it was really just enough to pull the major indices out of negative territory to end the day back near the breakeven mark.
The S&P ended the day flat. With a close of 2099.68 the S&P ended less than a point below yesterday’s all-time high. The E-Mini S&P was confined to a 9 point trading range which is half of the current Average Daily Range of 19.5 points a session.
The DOW dropped 18 points and ended the day at 18029.85. The 18 point loss was minor and represented just a .10% drop.
Today’s minutes were a bit of a let down after no real new information was revealed. The Fed did share that the labor market is “strong” and that they are in no hurry to raise interest rates.
In world news the Wall Street Journal reported that the European Central Bank agreed to extend Greece’s emergency loan. But the extension and amount may not be enough as Greece’s government could run of cash next week. So in other words, news out of Greece is still a factor and something to keep an eye on.
Looking ahead at the economic calendar…we have Unemployment Claims at 8:30am ET and the Philly Fed Manufacturing Index at 10:00am ET. These are the last significant items on the economic calendar this week.
Deere & Company (DE) got a nice boost today after it was reported that Berkshire Hathaway invested heavily in DE during the last quarter. DE ended the day at $92.75 with a 3.15% gain.
PowerX Method traders had a Buy Signal to consider on 5th Feb 2015. Today’s move higher brings traders closer to an ADR Profit Target at $93.98.