Closing Market Commentary For 04-05-2013
Markets recovered 3/4 of this morning losses primarily due to HFT computer action in melting the markets back up.
Volume has been mostly low with occasional spurts to moderate. I wouldn't ask anyone to make a guess what will happen next week. Up- down, who knows! Have a great weekend and don't worry about the market as it will do what it does best, confuse everyone.
I have issues with some pundits, writing almost every day, that there are setups for day trading. Best Stock Market Indicator Ever: Unchanged at 88% and Secondaries Confirm "Tradable" This might be true, but challenging to deal with. The trading range is so narrow that way too much money has to be put on the table just to get back meager gains. I can guess that this number will have fallen a lot by the time they revise it this weekend.
The DOW at 4:00 is at 14565 down 41 or -0.28%.
The SP500 is at 1553 down 7 or -0.43%.
SPY is at 155.11 down 0.75 or -0.48%.
The $RUT is at 923.28 down 2.38 or -0.26%.
NASDAQ is at 3203 down 21.12 or -0.65%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral to bearish and the current bias is up.
WTI oil is trading between 94.80 and 91.93 today. The session bias is bullish and is currently trading up at 93.03.
Brent crude is trading between 108.00 and 103.03 today. The session bias is bearish and is currently trading up at 104.42.
Gold rose from 1551.00 earlier to 1580.96 and is currently trading up at 1578.85.
Dr. Copper is at 3.34 up from 3.31 earlier.
The US dollar is trading between 83.00 and 82.40 and is currently trading up at 82.61, the bias is currently bullish.
** RRR = Risk Reward Ratio
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Written by Gary