Not much of a day for the market. Volume was extremely low overall and there was little volatility. We are sitting just under 3000 on the NASDAQ and perhaps some horizontal action will now be in the cards. I can't help but wonder though, was last week's two day sell down really it?
While this blog is focused on quick market recaps, I am sure there are readers who may be looking for a more in depth view of what is going on. Andrew Horowitz from The Disciplined Investor does a weekly podcast covering the market and includes a guest each time. I came across the site today as this week's guest was Mark Hanna from Market Montage, one of my favorite market bloggers. The podcasts seem to be around an hour long and worth a listen each week if you have some spare time.
Interesting reads today, Apple obtains patent for iWallet, prepares for iPhone 5 mobile payments (Patently Apple):
Today, Apple has been granted a major iWallet patent and it's one that has never been reported on before. Apple's patent reviews credit card transaction rules and shows us that the credit card companies will be sending statements directly to your iTunes account. The iWallet project just became a little more real today, and for many, it can't come soon enough. Who knows, perhaps one day Apple's iWallet will rule the world: the financial world that is.
US rakes largest monthly deficit in history (ZeroHedge)
A few days ago we noted that based on preliminary data, the February budget deficit would hit $229 billion (yes, nearly one quarter of a trillion in one month, about where real Greek GDP is these days) - the largest single monthly deficit in history. Unfortunately, this number was low: the final February deficit was just released and the actual print is $231.7 billion.
Updated market analysis below. Stay frosty out there!
narrowest trading range in low volume on DJIA in history....
And as far as what does it mean, it is still to be determined. : / Should be bearish but anything goes in this market...