The market has meandered all session long after all the major indices came out of the gate with a fair amount of gusto. The Dow lead them all into negative territory until the NASDAQ and S&P reversed higher, this time trying to drag the Blue Chip index into the plus column.
One bit of good news is the Gallup Job Creation Index, which came in unchanged at +36, and just a fraction off the all-time high established in May, +37. It's been 16 straight months of this read at +30 or greater, the ultimate sign of a strong employment market.
Of course, the big jobs report comes from the federal government on Friday.
One continuing theme from the last earnings period is the damage from an earnings miss to the underlying share price.
O'Riley (ORLY) is getting destroyed after missing the street and is bringing down the auto improvement stocks. Of course, this retail niche has had serious issues and is why we asked newsletter subscribers to take profits last September.
It's going to be one of those earnings seasons for sure.
As for the remainder of the session, the street is eagerly awaiting the FOMC minutes as speculations swirls the Fed is looking to lighten its balance sheet. Right now I love the action in the market, which could have collapsed after an early rally fizzled.
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