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MARKETS STILL CONSOLIDATING 0 comments
Mr. Market still wants to take some time to digest recent gains but also needs a spark to continue higher. This may take some good earnings and employment data which will begin in earnest in two weeks. Or, maybe like everyone else enjoying warm weather in northern climates, Mr. Market has Spring Fever.
Wednesday's only news was an uninspiring Existing Home Sales report (4.59M vs revised previous at 5.63M and expected 4.61M). Certainly mixed data can't be blamed on bad weather or interest rates.
As stocks either moved sideways or lower, bonds rebounded along with gold and crude oil (inventory data bullish). Other commodity markets were mixed to unchanged.
Leading equities lower were industrials (XLI) as Caterpillar (CAT) led the DJIA lower. Tech (XLK) and semiconductors (SOXX) still seemed positive overall although modestly so.
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