Today was another day of the market staying in narrow overall ranges.  It was a very mixed picture with some stocks in retail doing well, and others in banking not so well.  Since there were no economic reports today and no earnings (except for MOV) until later in the week, movements were random. The DOW finished lower today by 8 points, the S&P 500 dropped 4, and the NASDAQ barely made it into the green.

AAPL was higher by a point today after that strange options-related decline late Friday. CAT also did well today, up nearly 3% on the day. DIS, MMM were higher and even NKE was up ahead of its report this week.? On the downside were the financial components AXP, GS and JPM which rolled over on the decline in bond yields since the Fed interest rate raising announcement last week, in addition to UNH and the energy components, CVX and XOM, on continuing declines in crude oil prices.

Donald M. Selkin

These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning.  The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report.  This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities.  This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm.   This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author.  These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.