May 7th, 2013
in Gary's blogging
Closing Market Commentary For 05-07-2013
Dow closes above 15,000 for the first time and the SP500 sets a new high. Volume today is not convincing of a continued bull run with many investors wondering what Mr. Market has in store tomorrow. Any bad news could set into place a new correction that the 'dippers' would love to see.
By the closing bell the averages, mainly the large caps, had slithered up to the earlier highs without a lot of profit taking.
Interesting take on where the SP500 would be without QE.
. . . by now it should have been clear to most that QE is doing nothing for the economy, and everything for the stock and bond market (here we certainly agree: there is a bond bubble, which by implication there is an even more massive stock bubble too - anyone who says the two are unlinked can be immediately put on mute).
In spite of lousy financial reports today the markets melt up. I would be very careful in considering any long positions.
The first column is what was reported today. The second is what was expected and the third is the last report.
The DOW at 4:00 is at 15056 up 87 or 0.58%.
The SP500 is at 1626 up 8.46 or 0.52%.
SPY is at 162.58 up 0.80 or 0.49%.
The $RUT is at 967.82 up 8.02 or 0.84%.
NASDAQ is at 3396 up 3.66 or 0.11%.
NASDAQ 100 is at 2952 down 2.48 or -0.08%. (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 neutral.
WTI oil is trading between 96.27 and 94.45 today. The session bias is negative and is currently trading down at 95.45.
Brent crude is trading between 105.94 and 104.73 today. The session bias is bearish and broke through the previous low and is now trading down at 104.10.
Gold fell from 1466.08 earlier to 1440.55 and is currently trading sideways at 1450.95.
Dr. Copper is at 3.304 falling from 3.344 earlier.
The US dollar traded between 82.39 and 82.41 this morning and is currently trading sideways at 82.36, the bias is currently bullish.
The 500 at the close.
The DOW at the close.
And a quote from Zerohedge:
“. . . and since the bubble formerly known as the "stock market" is once again completely disconnected from reality, fundamentals, math, logic, gravity and everything else, and watching its relentless climb higher on nothing but central bank liquidity tsunami and attempts to hit any remaining upside ES stops is about as exciting as watching Bernanke print electronic money.”
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Written by Gary