March 15th, 2013
in Gary's blogging
Closing Market Commentary For 03-15-2013
Markets closed down but flat and lackluster. Basically it traded sideways like it did in yesterday's session not really going anywhere while the $RUT made a new high and SPY showed continued weakness all day.
The trend is up and the bears are in hiding while the bulls are reaping in profits as the averages do not seem to want to stop.
When the music stops I hope my readers have a chair to sit in.
The stock market has now been up for ten straight days. Many on Wall Street are singing “Happy Days Are Here Again.” For them, that is probably the case.
They finally have something to sell that will bring the rubes back into the markets. We are not in Kansas anymore. Fear is ebbing and greed is coming back.
Those on the outside looking in are rounding up cash so that they don’t get left behind. The shills assist them with their pictures of economic recovery, new era crap and whatever other nonsense they can peddle successfully. So the cycle goes, as it has since the New York Stock Exchange came into existence.
We are in another game of musical chairs where the music is playing joyfully. As in all such events, there are too few chairs to accommodate the participants when the music stops. And it always does!
The DOW at 4:00 is at 14514 down 25 or -0.17%.
The SP500 is at 1560 down 2.53 or -0.16%.
SPY is at 155.80 down 0.23 or -0.15%.
The $RUT is at 952.48 down 0.59 or -0.06%.
NASDAQ is at 3249 down 10 or -0.30%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is down.
WTI oil is trading between 92.00 and 93.84 today. The session bias was bullish earlier, but has turned negative and is currently trading up at 93.51.
Brent crude is trading between 107.50 and 109.90 today. The session bias was bullish earlier, but has turned negative and is currently trading down at 109.38.
Gold rose from 1577.20 earlier to 1598.48 and is currently trading down at 1591.63.
Dr. Copper is at 3.52 down from 3.56 earlier.
The US dollar is trading between 82.86 and 82.26 and is currently trading down at 82.36, 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