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Afternoon Note

Sideways August

By Charles Payne, CEO & Principal Analyst
8/8/2016 1:39 PM

After an encouraging open, the indexes slipped into negative territory and are slightly lower at midday. It’s a typical sideways August session with low volume and not much happening. The 3% bounce in oil is about the only noteworthy action. Market internals are solid under it all with NYSE advancers (60%) solidly ahead of decliners (37%) on positive up volume (67%) with 147 new highs. 

The dollar is higher against a basket of currencies. Gold is a bit lower and U.S. Treasury’s are mixed.   

Let’s not force the issue this afternoon. 

 


 

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