May 13th, 2013
in Gary's blogging
Opening Market Commentary For 05-13-2013
Markets opened sharply down leaving gaps. The DOW and the SP500 both left gaps and that is unheard of with the DOW. The bottom line here is investors can be assured that the gaps will be fill before the markets move on. Today or tomorrow the averages will inch up to where the gaps started.
By 10 am the markets had recovered somewhat leaving the indices mixed, flat on moderate volume.
Any trades today will probably end up on the meager side of profitability if you are lucky as most trades have been less than optimal during the past several years.
I also have continuing issues with some pundits, writing almost every day, that there are setups for day trading. Best Stock Market Indicator Ever: Rises to 96% up From 92% and Secondaries Confirm "Tradable" This might be true, but still above ~60% where I think it should be! Hard to believe and challenging to deal with considering 'not so good' current events. There is a wedge between perception and reality going on right now where the reality doesn't match this bull run.
The DOW at 10:30 is at 18083 down 37 or -0.25%.
The SP500 is at 1631 down 2 or -0.16%.
SPY is at 163.29 down 0.14 or -0.09%.
The $RUT is at 973.23 down 2 or -0.20%.
NASDAQ is at 3436 down 1 or -0.02%.
NASDAQ 100 is at 2979 down 2 or -0.05%. (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 negative.
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Written by Gary