April 19th, 2013
in Gary's blogging
Closing Market Commentary For 04-19-2013
Markets closed up 0.70% to 1.25% with the DOW trailing at +0.07%. Moderate volume during the last half hour with significant profit taking during the last 10 minutes carrying over to the after market crowd.
No news going into the weekend and probably not a good idea to hold any trades as the markets on Monday could swing either way. We are in a correction that may be over or just started, not a great place to make decisions.
What we read this afternoon.
Fitch Ratings cut the U.K.'s credit rating to AA+ from AAA, with a stable outlook. The ratings company cited a weaker economic and fiscal outlook as the leading drivers for the move.
Fitch has just downgraded the UK from AAA to AA+ - now lower than France's.
*FITCH REVISED DOWN U.K.'S ECONOMIC GROWTH IN 2013 TO 0.8%
*FITCH REVISED DOWN U.K.'S ECONOMIC GROWTH IN 2014 TO 1.8%
*FITCH CITES WEAKER ECONOMIC, FISCAL OUTLOOK ON U.K.
Fitch doesn't see the UK economy reaching 2007 highs until 2014 - so there's hope?
Recall that the STOCK Act, that is the legislation passed a year ago to outlaw insider trading in Washington, only came into being after a 60 Minutes expose embarrassed Congress to address this racket. Prior to that the legislation sat bottled up in committee for many years.
Well, if you had any real confidence that the STOCK Act would really clean out the insider trading stables in Washington, think again. With both old holes and recent new holes in this smelly piece of legislation, this act should be renamed the Molded Swiss Cheese Act. Thanks to the regular reader who brought this stench to my attention.
The DOW at 4:00 is at 14547 up 10 or 0.07%.
The SP500 is at 1555 up 13 or 0.88%.
SPY is at 155.25 up 1.09 or 0.71%.
The $RUT is at 912.50 up 11 or 1.22%.
NASDAQ is at 3206 up 40 or 1.25%.
NASDAQ 100 is at 2780 up 38 or 1.40%. (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 bullish.
WTI oil is trading between 89.04 and 87.88 today. The session is bearish and is currently trading down at 88.09.
Brent crude is trading between100.32 and 99.06 today. The session appears to be bearish and is currently trading up at 99.38.
Gold fell from 1424.00 earlier to 1391.95 and is currently trading up at 1400.96.
Dr. Copper fell from 3.20 earlier to the current price of 3.145.
The US dollar is trading between 82.82 and 82.41 and is currently trading down at 82.72, the bias is currently negative.
The 500 at the close.
The DOW at the close.
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Written by Gary