Markets Close Within Support Zones On Moderate Volume

April 18th, 2013
in Gary's blogging

Closing Market Commentary For 04-18-2013

It wasn't a good sign when the SP500 dipped below the 1540 line and all traders eyes were on the charts whispering what Mr. Market would do next. About that time the BTFD 'dippers' saved the day and melted the market back up.

By the closing bell the averages had slipped down a bit to the lower end of supports and closed. It will be interesting to see if the supports hold, which I suspect they will. Tomorrow almost has to be an up day.

Follow up:


4:03 PM Microsoft (MSFT): FQ3 EPS of $0.72 misses by $0.03. Revenue of $20.49B misses by $0.19B. Shares +1.7%

4:09 PM IBM (IBM): Q2 EPS of $3.00 misses by $0.05. Revenue of $23.41B (-5.1% Y/Y) misses by $1.28B. Continues to guide for 2013 EPS of at least $16.70 vs. consensus of $16.77. Shares -3.7%

4:14 PM Google (GOOG): Q2 EPS of $11.58 beats by $0.89. Revenue of $13.97B (+31% Y/Y) misses by $70M. Shares +3.2%

The DOW at 4:00 is at 14537 down 81 or -0.56%.

The SP500 is at 1541 down 10 or -0.67%.

SPY is at 153.84 down 1.26 or -0.81%.

The $RUT is at 901.51 down 5.29 or -0.58%.

NASDAQ is at 3166 down 38 or -1.20%.

NASDAQ 100 is at 2742 down 40 or -1.44%. (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 bearish and the current bias is negative.

How Oil Really Gets Priced

WTI oil is trading between 88.14 and 86.35 today. The session bias is positive and is currently trading even at 87.10.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 99.33 and 97.56 today. The session bias is negative and is currently trading even at 98.33.

Gold rose from 1338.65 earlier to 1401.59 and is currently trading down at 1388.18.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.18 falling from 3.19 earlier.

The US dollar is trading between 82.74 and 82.46 and is currently trading up at 82.69, the bias is currently bullish.

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:

Written by Gary

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