March 14th, 2013
in Gary's blogging
Closing Market Commentary For 03-14-2013
Market closed at new highs on low volume with red spikes during the closing moments. I can't help to think this all some sort of a game the five-fingered-financiers, crooks and the HFT crowd are pulling off. Either that or we have some really uninformed sheeples buying in and getting fleeced everyday.
The 500 closed up within a 2 point shot of its all time high which has been called the top. I don't know, we will see as I am still sitting on my hands with 70% cash in my pocket.
Don't be clueless and get fleeced.
They didn't see it coming last time either.
Back in 2007, President Bush, Federal Reserve Chairman Ben Bernanke and just about every prominent voice in the financial world were all predicting that we would experience tremendous economic prosperity well into the future.
In fact, as late as January 2008 Bernanke boldly declared that "the Federal Reserve is not currently forecasting a recession." At the time, only the "doom and gloomers" were warning that everything was about to fall apart. And of course we all know what happened.
But just a few short years later, history seems to be repeating itself. All of our "leaders" swear that everything is going to be okay.
You can believe them if you want, but denial is not just a river in Egypt, and another crash is inevitably coming.
The DOW at 4:00 is at 14539 up 84 or 0.58%.
The SP500 is at 1563 up 9 or 0.56%.
SPY is at 156.61 up 0.70 or 0.45%.
The $RUT is at 953.07 up 9.17 or 0.97%.
NASDAQ is at 3259 up 14 or 0.43%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is up.
WTI oil is trading between 93.45 and 91.98 today. The session bias is bullish and is currently trading up at 93.12.
Brent crude is trading between 107.35 and 108.57 today. The session bias is bullish and is currently trading up at 108.69.
Gold rose from 1577.25 earlier to 1588.00 and is currently trading down at 1589.82.
Dr. Copper is at 3.54 up from 3.52 earlier.
The US dollar is trading between 82.97 and 83.42 and is currently trading up at 82.84, the bias is currently negative.
The 500 at the close.
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary