Indexes continue to struggle and it remains a period to be cautious. Unlike the prior 2 sessions when we saw serious spikes in the premarket, today the market was down severely premarket and that weakness continued all day until mid afternoon when some buyers showed up to relieve some of the pressure. Still the S&P 500 fell 0.58% and the NASDAQ 0.48%. In economic news, U.S. retail sales dropped 0.9% in December, the biggest slide since January 2014, following a 0.4% gain in November that was smaller than previously estimated, according to the Commerce Department. This was a surprise considering people expected spending to boom with lower gas prices.
Fun fact: The S&P 500 has moved an average of 0.95% per day so far in 2015. That’s more than double the average daily price change of 0.53% for 2014, which was the calmest year in U.S. stocks since 2006.Continue reading