May 16th, 2013
in Gary's blogging
Closing Market Commentary For 05-16-2013
Markets closed down on moderate red volume with some 'BTFDing' going on, although it seems the dippers are not so confident as that have been. Not a lot to add here as the markets were relatively quiet up to an hour before the closing bell.
I can still see more room for the markets to advance, but I am not going to bet on it either. This is a crazy market for crazy investors who want to take a chance in this casino market place.
The controversy goes on. In a year from now we will know what this really means.
Last week it was Fed's WSJ lapdog hinting at a tapering. Now it is up to the Fed's own John Williams to provide an even stronger hint at what may be coming as soon as this summer. From Bloomberg:
WILLIAMS SAYS FED MAY REDUCE QE IN SUMMER, HALT BY YEAR END
However, promptly following this is the following headline which we can only hope has a typo in it:
WILLIAMS: UNEMPLOYMENT WON'T FALL BELOW 6.5% UNTIL MID-2105 (er, sic?)
And just to confuse everyone, as the Fed enjoys doing, here is the conclusion:
WILLIAMS SAYS SLOWING QE WOULDN'T MEAN TIGHTENING IN POLICY
Bottom line: nothing will change.
The DOW at 4:00 is at 15233 down 42 or -0.28%.
The SP500 is at 1650 down 8 or -0.50%.
SPY is at 165.37 down 0.75 or -0.45%.
The $RUT is at 985.34 down 3.20 or -0.32%.
NASDAQ is at 3465 down 6 or -0.18%.
NASDAQ 100 is at 2999 down 3 or -0.11%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is negative.
WTI oil is trading between 93.28 and 95.55 today. The session bias is bullish and is currently trading up at 95.03.
Brent crude is trading between 102.74 and 104.28 today. The session bias is neutral and is currently trading down at 103.67.
Gold rose from 1368.16 earlier to 1395.40 and is currently trading up at 1384.85.
Dr. Copper is at 3.287 rose from 3.232 earlier.
The US dollar is trading between 84.12 and 83.57 and is currently trading up at 83.89, the bias is currently bearish.
The 500 at the close.
The Dow at the close.
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Written by Gary