Closing Market Commentary For 04-30-2013
I think Mr. Market is playing with us as today’s session was not exactly a confirmation day of any sort. We have not tested the previous historical highs although the small caps gained a little bit on the highs they made in March 2000.
Markets closed on time and that is about the only positive note. Low volume and HFT algo computers pushing the averages up was about the only activity of today’s session. Today’s meltup was not very inspiring if one is considering a long position.
What we read this afternoon.
The ‘Sell In May…’ Truth No One Is Telling You
WTI-Brent Spread Dips Below $9.50 For First Time In 24 Months, Headed Even Lower
Symantec Flash-Crash Destroys Over $1.5 Billion In Less Than A Second
The DOW at 4:00 is at 14839 up 21 or 0.14%.
The SP500 is at 1597 up 4 or 0.25%.
SPY is at 159.77 up 0.47 or 0.28%.
The $RUT is at 947.46 up 5 or 0.43%.
NASDAQ is at 3329 up 22 or 0.66%.
NASDAQ 100 is at 2887 up 20 or 0.71%. (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 bullish.
WTI oil is trading between 94.61 and 82.94 today. The session bias is bearish and is currently trading down at 93.06.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 103.99 and 101.48 today. The session bias is bearish and is currently trading down at 101.69.
Gold fell from 1479.16 earlier to 1463.38 and is currently trading up at 1476.35.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.188 down from 3.247 earlier.
The US dollar is trading between 82.35 and 81.64 and is currently trading down at 81.77, the bias is currently bearish.
The 500 at the close.
The DOW at the close.
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Written by Gary
