July 9th, 2013
in Gary's blogging
Closing Market Commentary For 07-09-2013
Markets scaring investors as volume falls off and markets slide sideways. Looking more and like another 'correction' is in the winds as seasoned traders are moving to heavier cash positions unsure what Uncle Ben is going to say at the FOMC meeting. It won't take much to derail this bull market at this point and I have some thoughts.
The resistance is holding for now and it will probably be another week of indecisive sideways, low volume market waiting for the averages to move one way or another. The gaps below are still there providing the risk of those who have stops above those marks to get caught in a 'flash' crash. Getting sold out because of stops not far enough down and then see the markets rise again has happened too many times lately. I caution anyone using stops to reset them to an absolute bottom line sell price or set automatic buys at the gap. The only problem with this strategy is that the market is once again at a cross road and may not recover in the manner you hope it will.
The DOW at 4:00 is at 15300.34 up 75.65 or 0.50%.
The SP500 is at 1652 up 12 or 0.72%.
SPY is at 165.06 up 1.12 or 0.69%.
The $RUT is at 1018.05 up 8.80 or 0.87%.
NASDAQ is at 3504 up 19.43 or 0.56%.
NASDAQ 100 is at 2984 up 18 or 0.61%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is neutral.
WTI oil is trading between 102.30 and 104.08 today. The session bias is bullish and is currently trading up at 104.00.
Brent crude is trading between 106.87 and 107.83 today. The session bias is bullish and is currently trading up at 107.82.
Gold rose from 1232.19 earlier to 1258.72 and is currently trading down at 1247.45.
Dr. Copper is at 3.067 falling from 3.115 earlier.
The US dollar is trading between 84.31 and 84.95 and is currently trading up at 84.84, the bias is slightly bearish.
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Written by Gary