April 11th, 2013
in Gary's blogging
Closing Market Commentary For 04-11-2013
Markets were generally quiet after posting new historical highs this morning. Volume has been on the low to moderate side and not reminiscent of a raging bull market. The lack of investor participation, reflected by continued low volume statistics, paint a completely different picture of what a 'real' bull market should be.
I'll repeat again that my proprietary indicators are unusually high on the bear side and have been for the last 3 sessions gaining from one digit to today's 3. Having said that, I am not quite ready to start shorting, nor am I going to go long. I do not believe we will have long to wait to see what Mr. Market is going to do.
The markets closed up with the MDY (SP 400 Mid Cap) doing a rendition of a shooting star. If this is a shot across the bow for investors we will see what it means, if anything, in the next few days.
What we read this afternoon:
The DOW at 4:00 is at 14865 up 63 or 0.42%.
The SP500 is at 1593 up 5.64 or 0.36%.
SPY is at 159.22 up 0.54 or 0.34%.
The $RUT is at 947.05 up 0.96 or 0.10%.
NASDAQ is at 3300 up 2.91 or 0.09%.
NASDAQ 100 is at 2859 down 0.14 or -0.00%. (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 bullish and the current bias is sideways.
WTI oil is trading between 94.64 and 92.15 today. The session bias is bearish and is currently trading up at 93.42.
Brent crude is trading between 106.00 and 104.10 today. The session bias is negative and is currently trading down at 104.30.
Gold rose from 1553.21 earlier to 1568.38 and is currently trading down at 1560.72.
Dr. Copper is at 3.43 rising from 3.39 earlier.
The US dollar is trading between 82.68 and 82.15 and is currently trading up at 82.36, the bias is currently neutral to bullish.
The 500 at the close.
The DOW at the close.
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Written by Gary