Averages Remain High For The Session On Low Volume

July 8th, 2013
in Gary's blogging

Closing Market Commentary For 07-08-2013

The markets were directionless today after reaching the morning highs. Indices started out O.K. with the $RUT making a new historical high and other averages also doing well out of the starting gate. 10 am highs were never repeated and the averages were in the process of melting down at the close. The SP500 had a 10 point swing which could have resulted in significant gains IF you guessed well.

Low volume made decision making difficult. The markets ended up, but the indicators spell 'S E L L'.

Follow up:

I apologize for the untimely posting this afternoon. Comcast has been up and down 5 times today making any publishing very difficult. No sooner do I get something written or need to review market stats, Comcast goes dark, very disconcerting to say the least. Lousy service at best!

The DOW at 4:00 is at 15225 up 89 or 0.59%.

The SP500 is at 1640 up 9 or 0.53%.

SPY is at 164.00 up 0.95 or 0.58%.

The $RUT is at 1009.24 up 3.85 or 0.38%.

NASDAQ is at 3485 up 5.45 or 0.16%.

NASDAQ 100 is at 2966 up 3 or 0.10%.

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

How Oil Really Gets Priced

WTI oil is trading between 103.98 and 102.14 today. The session bias is now negative and is currently trading down at 102.78.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 108.01 and 106.80 today. The session bias is now bearish and is currently trading down at 106.96.

Gold rose from 1214.51 earlier to 1237.05 and is currently trading up at 1234.95.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.103 rising from 3.058 earlier.

The US dollar is trading between 84.83 and 84.43 and is currently trading down at 84.46, the bias is currently bearish.

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

gary@econintersect.com

Written by Gary















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