DJIA slips 11 to 10426, S&P 500 eases less than 1 to 1109.80, Nasdaq Comp drops 11 (0.5%) to 2193. Volume’s low, as it has been just about every day this month. Gold hits another record, crude briefly touches $80/barrel. Stocks drop early, but slowly strengthen, with the blue chips finishing off just a fraction.
Housing starts fell nearly 11% in October, a big surprise to the market and casts some doubt on the strength of the recovery. Seems like we’ve been hearing that more and more lately. CPI comes in mainly in line with expectations. Fed’s Bullard suggests central bank may keep rates flat until 2012.
Keep in mind, too, that the S&P 500 is right around the 50% retracement from its October 2007 to its March low. Among technicians, this is a big deal. With very little in the way of broad participation, as they say, this market is being driven by insiders and technicals (and of course the Fed’s easy money policies.)