June 28th, 2013
in Gary's blogging
Closing Market Commentary For 06-28-2013
For the most part the markets slid sideways until the last 15 minutes where investors joined in for a minor sell-off of moderate red volume. The small caps did fall off too, but with less meaningful volume making investors wonder what Monday has for them.
By 4 pm most of the market was in flat land status with the large caps (DOW) pushing down on the basement floor. However I think this is a temporary issue as the small caps will lead the averages higher Monday or Tuesday.
I still see the markets rising to close gaps (SP500 @ 1629) over the next several weeks at best. From there we will have to alter our trading strategy depending on current events.
I am going on vacation as of right NOW! Will be on the Oasis of the Seas for a week, look for me if you are traveling too. (Econintersect staff will fill in to give you market commentary during the week I am not here.)
The S&P 500 ended the month with an odd shade of green (called red). This is the worst month in stocks for 8 months and makes only the 5th negative month in the 20 months since the global central bank co-ordinated save in Q4 2011.
The week, however, saw the S&P gain around 1.25% on the back of endless repeated bullshit from various Fed heads about how we all got it so wrong... which also saw Treasury yields drop notably (30Y -8bps on the week and 10Y down 16bps from its Monday highs).
Equities remain the big year-to-date winners and despite some of the biggest single-day gains in over a year today gold and silver remain at the lower end of the pile.
The Nikkei and the S&P lead global DM equities (now what do they have in common?). Then with minutes to go, S&P futures collapsed on massive volume to the lows of the day...
The DOW at 4:00 is at 14909 down 115 or -0.76%.
The SP500 is at 1606 down 7 or -0.43%.
SPY is at 160.25 down 0.83 or -0.52%.
The $RUT is at 977.48 down 2.44 or -0.25%.
NASDAQ is at 3403 down 1.39 or -0.04%.
NASDAQ 100 is at 2909 down 2.76 or -0.09%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is bearish.
WTI oil is trading between 96.33 and 97.82 today. The session bias is bearish and is currently trading down at 96.50.
Brent crude is trading between 101.87 and 103.42 today. The session bias is bearish and is currently trading down at 102.05.
Gold rose from 1180.41 earlier to 1232.89 and is currently trading up at 1231.85.
Dr. Copper is at 3.059 rising from 3.017 earlier.
The US dollar is trading between 82.98 and 83.57 and is currently trading sideways at 83.44, the bias is currently neutral.
The 500 at the close.
The DOW at the close.
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Written by Gary