Markets Ran Out Of Steam And Couldn't Hold Its Highs

April 2nd, 2012
in Gary's blogging, market close

Markets have closed for the day. The DOW tickled its high for the year (13288) and closed at 13264 staying within its tight channel. The 500 eased above its high for the year of 1419 to close at 1418 after reaching a new high of 1422 just nudging above its 32 point zone held since 3-13. SSO closed at 59.08 down from a high of 59.56, SPY closed at 141.57 down from a high of 142.21.

GLD closed at 162.91 in after market action after reaching a high of 163.19, SLV did the same closing at 32.05 after reaching 32.19. Gold closed at 1678, WTI oil closed at 105 and Brent closed at 124.67.

The USD closed at 78.98 off a half point from its highs of last week and the EUR/USD pair closed at 1.3323 right in the middle of its zone of the last several sessions.

Follow up:

Pathetically low volume compared to the last several sessions and the markets ran out of steam at 3 pm and stared to melt down. My ha-ha for tomorrow morning is for the markets to open down slightly remaining flat and not exceeding today's highs.

The 500 at the close.

The DOW at the close.

The $RUT at the close. Notice that it didn't lead or follow the large caps but stayed in its comfort zone. The $RUT has to keep up or the large caps won't see new highs - for stay there for long anyway.

The Indexes.

That is all for the day, see everyone tomorrow.

Written by Gary

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