I keep a close watch on this heart of mine
I keep my eyes wide open all the time
I keep the ends out for the tie that binds
Because you're mine, I walk the line

Walk the Line

Johnny Cash

Coming into the session, the market was right at some potential do-or-die points on the charts including the Dow hoovering right at 16,000.   How this market closes is a coin-toss.  On one hand, weakness was staved off but that buying didn’t beget additional buying.  For most, the greater part of valor at the moment is to hold off.  But it’s unlikely this market finishes the session flat.

Despite the struggle, I see buying into the final moments of trading. That doesn’t mean we close higher, just not at the lows of the session.

Conflicting Confidence

The consumer confidence out today is really a powerful signs for jobs and consumer spending.  The headline of 103 is significantly above consensus of 96.1 and improvement over 101.3 for August.   The news initial sent stocks higher as “jobs plentiful” hit highest level in eight years, but hard to get jobs also climbed higher.

Business conditions improved, but overall expectations remained flat underscoring the confusion over the future.