Stocks sold off moderately Monday morning but dip buyers came in yet again – a pattern we have now seen for 2 months – and indexes close near unchanged. The S&P 500 gained 0.03% while the NASDAQ dropped 0.10%. News flow was light; keep in mind we do have the Federal Reserve meeting Tuesday and Wednesday but they have telegraphed their intentions so no fireworks will come of this. We also have the monthly employment data coming Friday. There was another weak housing report today as the National Association of Realtors said pending-home sales were down 1.1 percent in June.Continue reading
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