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New Highs Made But Fall Back To Previous Highs

April 9th, 2013
in Gary's blogging

Closing Market Commentary For 04-09-2013

New highs were made by the DOW and the SP500 this afternoon, but do you really believe it means anything about the continuing bull run?

By the time the markets closed the trend was down having failed to hold above previous highs and smacks of a bear day tomorrow. The red volume in the last minute and some aftermarket action was moderate to heavy indicating cold feet in believing this bull run will continue.

Follow up:

Another Dow Record As 3:30 Pump Becomes 3:30 Dump

What we read this afternoon.

Forex Focus: We're in a world full of strong dollars

Portugal austerity plan frays, US loses patience with Europe

Chinese Inflation Tame, But Will Inventories Rain On Oil Traders’ Parade?

The Next Capital Control: Banning The €500 Bill

@zerohedge:

Dow Jones At New All Time Highs - Here's Why

Curious why the Dow Jones just hit new all time highs? Here's a partial list of recent economic events:

  • Markit US PMI Miss

  • ISM Manufacturing Miss

  • ISM New York Miss

  • Vehicle Sales Miss

  • ADP Employment Miss

  • ISM Services Miss

  • Challenger Job Cuts Miss

  • Initial Claims Miss

  • Trade Balance Beat

  • Non-Farm Payrolls Miss

  • Hourly Earnings Miss

  • NFIB Small Business Miss

  • Wholesale Inventories Miss

The DOW at 4:00 is at 14673 up 60 or 0.41%.

The SP500 is at 1568 up 5.54 or 0.35%.

SPY is at 156.73 up 0.52 or 0.35%.

The $RUT is at 929.34 down 2.15 or -0.23%.

NASDAQ is at 3238 up 15.61 or 0.48%.

NASDAQ 100 is at 2804 up 18.54 or 0.67%. (A lot of analysts are currently watching the 100.)

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 sideways with a negative slant.

How Oil Really Gets Priced

WTI oil is trading between 92.55 and 94.40 today. The session bias is bullish and is currently trading down at 94.04.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 103.68 and 106.40 today. The session bias is bullish and is currently trading down at 106.15.

Gold rose from 1570.50 earlier to 1590.32 and is currently trading down at 1584.90.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.44 rising from 3.33 earlier.

The US dollar is trading between 82.81 and 82.38 and is currently trading up at 82.45, the bias is currently bearish.

The SP500 last 10 days. Does this tell you anything about the resistance above the red line at 1570.11. Going above this line, and staying there, will signal a very bullish condition.

The 500 at the close.

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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