The Closing Look

Stocks opened higher but quickly lost ground and ended lower as the market continued trading all over the map. Apple fell which dragged the market lower as it pauses to digest a very strong rally last week. Elsewhere, several small biotech stocks rallied nicely after the FDA approved a controversial drug from Sarepta (SRPT).  Economic data was light. The housing market index came in at 65, easily beating the Street’s estimate for 60. A few housing stocks edge higher on the news.

Gary’s Thoughts: Strong up day fizzles but wouldnt sweat it. Fed and BOJ this week will dictate. We suspect it will be about easy money…as usual. We never want to see a big gain sold off but repeat, it will be all about central banks this week.