Dip Buyers Saved The Day, Maybe They Are Dips

April 3rd, 2012
in Gary's blogging, market close

Closing market report.

The Markets closed lower mainly because Dr. Ben didn't promise any QE3 this time around, more when I read all the blogs. The USD did a remarkable climb to 79.65 and closed at 79.50. The EUR/USD pair took the opposite path and nosed dived to 1.3213 and recovered a bit to 1.3233.

The DOW closed at 13199, the 500 closed at 1413 and the Russell ($RUT) closed at 834 mimicking the other markets. Except for the drop at 2:10 while Dr. Ben was speaking, the volume remained low up to that point. A big red moderate spike following the pull-back. For the remainder of the day the volume was green with enough dip buying to bring it back to where it was at 2 pm.

Gold closed at 1645 sea-sawing all day, GLD closed at 159.82, SLV closed at 31.68, SSO closed at 58.85, SPY closed at 141.31. Brent closed up at 124.56, and WTI oil closed at 104.15.

From the closing aspects it would first appear that the markets will open up, at least flat depending what news drives the markets or maybe Mr. Market has other plans. It is late in the current bull run and I would exercise caution buying anything.

Follow up:

The 500 at the close.

The DOW at the close.

The Russell 2000 at the close.

The Indexes.

See everyone tomorrow.

Written by Gary

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