NASDAQ 4,806.91 +0.05 points or +0.00%
Russell 2000 1,219.11 +3.90 points or +0.32%
In another uneventful Holiday trading session, the Stock Market closed relatively unchanged for the day. The Market opened lower and immediately traded higher into slightly positive territory trading near the unchanged level for the remainder of the day. Crude Oil futures closed below the $54 per barrel level for the 2nd consecutive trading session. Oil is now trading at the lowest level since 2009 on oil supply concerns. OPEC is clearly more concerned about their own oil Market share than oil prices. OPEC has not cut output. Many US oil drillers have been forced to cap the most oil rigs since 2012. For many oil drillers to make money, Crude Oil needs to trade above $55 per barrel. As expected during holiday week trading, the Market volatility has dried up. The volatility index, the VIX, moved up +0.56 or up 3.86 percent to close at 15.06. The 10 Year Treasury bond yield moved a bit lower, closing around 2.21 percent. Interest rates began 2014 with most economists and analysts expecting rates to rise over 3 percent to 3.5 percent on the 10 year Treasury bond. They were wrong. Rates promptly traded lower in 2014 and have remained low throughout the year and into the end of the year with the 10 year Treasury bond most likely to close below the 2.3 percent yield level on December 31st. Trading volume saw about 4.8 billion shares changing hands across all trading venues, according to BATS exchange data. The economic calendar will be very light this week.
All released and proposed to be released economic reports for the week are listed below.
10:00 am ISM Index report for December
10:00 am Construction Spending report for November