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Indices Turn In A Down Day On Low To Moderate Volume

April 3rd, 2013
in Gary's blogging

Closing Market Commentary For 04-03-2013

Today the sky really started to fall. Except for a brief moment in time the averages were up at the opening bell. From there EVERYTHING went to hell in a hand basket. Well, sorta. It was a down day, not a waterfall, but why are we seeing this 'jerk us around' action without the volume to support it?

Maybe someone can help me out and explain why the Indices, the oils, copper, gold and the US dollar all are falling AT THE SAME TIME? While you are at it, explain to me why I should not believe this market is not being manipulated. Oh yes, also please explain to me why the HFT algo computers are good for the markets as I seems to have lost my Cliff Notes.

Follow up:

The DOW was off +100 points today and yesterday it was up over 100 points, so I guess we will see it rise 100 points in tomorrows session. Is this crazy or what? We ended down but only to Monday's sessions lows, so don't get overly concerned about a market blowout.

Good grief, where is the moral sanity in what is going on? For that matter where is the SEC to protect us? Oh, never mind they are watching porno films, but I think we are the ones getting screwed.

When are we going to get some insight into the 'Dark Pools' transactions, big lot trades and other after hour proceedings? Yeah, I know, only the gazillionaire members have that privilege. Probably time to seriously think about a new line of work.

What we read this afternoon.

Oil sinks nearly 3% to settle below $95 a barrel

U.S. stocks extend slide after disappointing data

Airline stocks fall for second straight day

Bundesbank Probing Deutsche Bank, Or Not Much Ado About TBTF

Hagel Deploys Missile Defense System Amid "Real, Clear Danger" From North Korea

David Stockman: 'We're Going To Have A Crisis'


The Market Is On Shaky Grouind

The DOW at 4:00 is at 14550 down 111 or -0.76%.

The SP500 is at 1553 down 16.56 or -1.05%.

SPY is at 155.21 down 1.62 or -1.03%.

The $RUT is at 918.71 down 15.59 or -1.67%. (This is significant.)

NASDAQ is at 3218 down 36 or -1.115%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral to bullish and the current bias is down.

How Oil Really Gets Priced

WTI oil is trading between 97.30 and 94.15 today. The session bias is bearish and is currently trading down at 94.42.

More Widening For The Brent/WTI Spread Ahead?

Brent crude is trading between 110.35 and 106.58 today. The session bias is bearish and is currently trading up at 107.03.

Gold fell from 1602.75 earlier to 1550.00 and is currently trading up at 1557.92.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.33 down from 3.40 earlier.

The US dollar is trading between 83.24 and 82.77 and is currently trading sideways at 82.87, the bias is currently bearish to neutral.

The 500 at the close. (55 day chart, daily looked like the DOW below.)

The DOW at the close.

** RRR = Risk Reward Ratio

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

Written by Gary









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