DJIA rises 24 (0.2%) to 10197, after rising as much as 84 early. S&P 500 adds 5 (0.5%) to 1097, Nasdaq Comp gains 6 (0.3%) to 2211. The bulls show themselves today, but selling pressure is still pushing the market.
Home resales took their biggest ever one-month plunge in December, as the home-buyer tax-credit hangover finally shows up. Obama reveals some of the themes for Wednesday’s State of the Union address.
Speaking of that, you know how screwy Wednesday is going to be? First off, there’s Apple’s press conference, where they’re going to announce some new product that absolutely everybody knows is a tablet computer but which the company won’t talk about. Nobody plays the crowd better than Steve Jobs.
Then there’s the FOMC meeting statement. Again, absolutely everybody knows what’s going to happen — the Fed’s going to sit on its hands again — but until that statement comes out, you don’t know for sure. And even with them sitting on interest rates, any tweaks to the language in the statement could send the market careening, higher or lower.
Then Wednesday night we’ll get the President’s State of the Union address. If he recent tilt toward populism is any hint, this speech is going to be a barn burner.
And, of course, it’s still the middle of earnings season.