There was some slippage in the market, and those exchange-traded funds (ETFs) representing the major indexes (DIA, QQQQ and SPY) pulled back a little.
After the recent rebound, it’s no surprise that that the markets took a breather, but it could also have been a case of exhaustion. In the last 23 trading sessions, for example, the Dow (DIA) had 10 with gains or losses of more than 100 points while volatility was on the upswing.
Given recent events, yesterday was a fairly calm day in the markets as news took on a more subdued tone. The Japanese seemed have to been gaining control of their troubled nuclear reactors as the allied forces were patrolling the Libyan skies.
And, as importantly, the domestic economy seems to be muddling along just fine for the time being, according to Warren Buffett. Actual news were mixed with the manufacturing index improving, while FHA reported another slip in housing prices during January by 0.3%.
Crude oil raced higher and closed at $104 as a result of the Libyan uncertainty and continued unrest in Yemen.
Because of the subdued market action, there were no changes to our invested positions.
Above chart courtesy of MarketWatch.com