April 26th, 2013
in Gary's blogging
Closing Market Commentary For 04-26-2013
Markets melted up since 1 pm on low volume and during the last 10 minutes red volume picked up a bit as profit takers decided not wait over the weekend.
Not a human investor in sight as the HFT computers jacked the averages around all day, basically remaining flat, lackluster and directionless. A spike or two as the 'dippers' jumped in at the close, somewhere, sometime, these BTFD dippers are going to get their toes burnt. I keep saying the correction, The Big One, is just around the corner and heaven help those that are fully vested.
Market closed without any fanfare and trading remained in a tight narrow zone through out the session. I expect the markets to do well next week, stay tuned.
Despite the many differences between China and the U.S., their basic problems are remarkably [similar]: an economy that increasingly serves a tiny Elite and a political/financial system that is incapable of meaningful reform.
Setting aside the latest bird flu outbreak and sagging indicators of growth, China 2.0 is in trouble (with 1.0 being the Communist era of 1949 -1977 and 2.0 being the modernization/globalization era of 1978 - 2013), for it remains overly reliant on unsustainable growth dynamics.
Add it all up and you get a clear picture of a government and economy that is incapable of making the kind of structural reforms that are needed to make growth sustainable.
The DOW at 4:00 is at 14713 up 13 or 0.09%.
The SP500 is at 1582 down 3 or -0.18%.
SPY is at 158.14 down 0.38 or -0.24%.
The $RUT is at 935.29 down 5 or -0.53%.
NASDAQ is at 3279 down 11 or -0.33%.
NASDAQ 100 is at 2840 down 8 or -0.28%. (A lot of analysts are currently watching the 100 for a heads and shoulder formation.)
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is bearish.
WTI oil is trading between 93.87 and 92.09 today. The session bias is bearish to neutral and is currently trading up at 92.94.
Brent crude is trading between 103.48 and 102.28 today. The session bias is bearish to neutral and is currently trading up at 103.00.
Gold fell from 1484.86 earlier to 1448.18 and is currently trading down at 1455.25.
Dr. Copper is at 3.181 falling from 3.281 earlier.
The US dollar is trading between 82.91 and 82.45 and is currently trading up at 82.58, the bias is currently positive.
The SP500 at the close.
The DOW at the close.
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Written by Gary