Indices Close Up Some Profit Taking On Low Volume

May 30th, 2013
in Gary's blogging

Closing Market Commentary For 05-30-2013

Markets for the most part held their afternoon highs with a inconsequential sell off towards the end. The SP500 closed its gap but the DOW didn't and that is important. I expect tomorrow to be an up day because of that small technicality. The markets are still weak and not one I care to bet on, up or down. Indicators tell me that we still have more up to go, but also appears it is going to be tough sledding.

Follow up:

Tomorrow is another day, but watch out.

The DOW at 4:00 is at 15324 up 24 or 0.14%.

The SP500 is at 1654 up 6 or 0.37%.

SPY is at 165.88 up 0.65 or 0.39%.

The $RUT is at 994.43 up 7.47 or 0.76%.

NASDAQ is at 3491 up 24 or 0.69%.

NASDAQ 100 is at 3012 up 17 or 0.57%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been mixed and the current bias is negative.

How Oil Really Gets Priced

WTI oil is trading between 93.29 and 91.70 today. The session bias was bearish and then jumped up to 93.97 and is currently trading up at 93.61.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 102.82 and 101.08 today. The session bias was bearish and now bullish and currently trading up at 102.17.

Gold rose from 1396.55 earlier to 1417.58 and is currently trading up at 1413.75.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.313 rising from 3.258 earlier.

The US dollar is trading between 83.76 and 83.00 and is currently trading down at 83.06, the bias is currently bearish.

The 500 at the close. (Green line = gap.)

The DOW at the close.

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

Written by Gary

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