The Closing Look

On Monday, stocks rallied along side oil prices on hopes of a possible supply cut. On Monday, Russian Energy Minister Alexander Novak told a Saudi newspaper that his country was consulting with Saudi Arabia and other large oil producers to take measures to stabilize oil prices. In the U.S., the Empire State Manufacturing Survey fell to negative -4.21, missing estimates for +2.5. On a more positive note, The National Association of Home Builders said its housing market index came in at 60, matching estimates. Every month, The National Association of Home Builders asks its members (home builders) to rate the general economy and provide their view on the housing market. The report has been hovering near 60 for the past few months.

Gary’s Thoughts: No complaints…just a little bit of froth which should lead to some rest. Utilities continue to break down off tops. Not a bad thing that defensive issues under pressure.