US Market’s Finished Flat to Unchanged, Harvey the Focus

US Market’s Finished Flat to Unchanged, Harvey the Focus

US Market’s Finished Flat to Unchanged, Harvey the Focus

$DIA, $SPY, $QQQ, $VXX

The S&P 500 and DJIA finished flat to unchanged Monday, with energy and bank shares lower as Tropical Storm Harvey crippled the US energy hub in Texas.

Harvey, the most powerful hurricane to strike the US state in more than 50 years when it came ashore last Friday, dumped more rain on Houston Monday, and the flooding could worsen as engineers release water from overflowing reservoirs to keep it from jumping dams and surging uncontrollably

Despite the human difficulties and massive dwelling and infrastructure damage, the market takes solace in the fact that a massive rebuilding effort would mostly offset the negative economic consequences of the flooding.

US Crude Oil futures fell 2.5% to 46.68 bbl on concerns that the refinery shutdowns could trigger an increase in Crude Oil inventories. Gasoline prices rose.

Oil majors Exxon (NYSE:XOM) and Chevron (NYSE:CVX) were down 0.3 and 0.4% respectively. Refiner Valero Energy climbed 1.1%.

Investors sought safe-haven assets, with Gold marking highest in 10 months, the USD fell.

US Dollar (.DXY) Index -0.6% to 92.20, WTI Crude Oil -3.1% to 46.37 bbl, Gold +1.2% at 1313.80 oz, Copper +1.0% at 3.06 lb

Monday the major US stock indexes finished flat to unchanged at: DJIA -5.27 at 21809.70, NAS Comp +17.37 at 6283.00, S&P 500 +1.19 at 2445.69

Volume: Trade was lite with 705-M/shares exchanging hands on the NYSE

  • NAS Comp +16.7% YTD
  • DJIA +10.4% YTD
  • S&P 500 +9.2% YTD
  • Russell 2000 +1.8% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Neutral (0.09) Neutral (0.04) Neutral (-0.02) Bullish (0.25)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Neutral (-0.06) Bearish (-0.27) Neutral (-0.17) Bullish (0.25
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Neutral (0.06) Neutral (-0.06) Neutral (-0.10) Bullish (0.33)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.26) Neutral (-0.17) Neutral (-0.23) Bearish (-0.38)

Stay tuned…

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