The markets have closed for the day. After opening down this morning and then melting up for the remainder of the day not much else was accomplished. DaBoyz pretty much controlled this day's action, at least in the afternoon when volume once again fell to anemic levels. This secular bear market may or may not continue over the long term, but guessing the outcome of this cyclical bull market is not to your best interests either.
Depending which side of the fence you are on even Warren Buffet would have a difficult time trying to squeeze the buffalo and make it scream today. Too many days like this are a crying shame watching the uninformed dipping in their toes only to get burnt later on. Another transitivity is watching the brokers who aren’t very much concerned with your long term investing success. They only care about convincing you to stay in the market at all times and god forbid you should consider a cash position. I wonder if they can even spell 'market correction'?
GLD closed at 160.20, SLV closed at 31.14, WTI oil closed at 105.62, Brent closed at 123.71, SSO closed at 58.21, SPY closed at 140.36 and the USD finished off the dat at 79.56
The Russell 2000 closing just below that 'resistance'.
The 500 did the same.
The DOW appears to be leading the pack. Is this a sign of things to come?
The Indexes. The big news is that energy has come down along with the transportation index.
That is all for the day. As I said yesterday, and probably the day before, I am not going to bet on tomorrow's action as there are way too many variables to contend without mentioning the obvious the 'oh-so-wired predators' or 'Five-Fingered-Financiers' who work the night shift.(Like they did last night.)
The one caveat I could add is that there was what could be called a significant sell off at the market close. The volume was “relatively” high for the day, but not one that would be a 'signal'. This might mean a down day tomorrow, but as usual we will wait and see.
Drive home carefully and I'll see you tomorrow.
Written by Gary