Closing Market Commentary For 07-10-2013
Stocks changed little after the FED minutes. There was a slight melting up on low volume, but nothing to get excited about. The reason for inaction is most likely everyone is waiting for ol' Ben to speak after the markets close starting at 4:10.
Markets closed mixed with the small caps remaining in positive territory while the large caps continued to be mixed, flat and with low volume. Investors seem to be turned off at this point.
Some notes on the Bernanke speech below:
The after markets started to melt up after Bernanke started speaking. He said, “Fed has moved towards a forecast-based approach to policy.” The speech is lacking references about current policy and the after market cooled off immediately.
Right now there is a lot of concern with investors trying to figure out what the Fed is going to do next.
The Fed may have finally taken speaking out of all sides of its mouth a step too far. Enter GMP's Adrian Miller with the best roundup of the sheer indecipherable gibberish just excreted by the Fed:
"We are not sure how you can go from ‘many’ needing to see labor gains before tapering begins to half seeing bond buying ending by year end. At the same time, ‘many’ other Fed officials saw bond buying into 2014”
"We are pretty good at math, but we are having trouble adding up the ‘many,’ ‘several’ and ‘about half’ to equal 100%
FOMC members appear to have ‘‘decided to cover every possible scenario," and "left us with no clear picture as to what the group is thinking”
Great [absurdest] summary of a centrally-planned world that has been taken out straight from the pages of the Onion, but honestly, at this point who even cares anymore.
The DOW at 4:00 is at 15291 down 8.68 or -0.06%.
The SP500 is at 1652 up 0.30 or 0.02%.
SPY is at 165.21 up 0.07 or 0.05%.
The $RUT is at 1020 up 2.37 or 0.23%.
NASDAQ is at 3521 up 16.50 or 0.47%.
NASDAQ 100 is at 3000.66 up 16.34 or 0.55%.
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 104.22 and 106.65 today. The session bias is positive and is currently trading down at 105.99.
Brent crude is trading between 107.71 and 108.68 today. The session bias is negative and is currently trading down at 107.98.
Gold rose from 1242.36 earlier to 1263.73 and is currently trading down at 1249.15.
Dr. Copper is at 3.083 rising from 3.031 earlier.
The US dollar is trading between 84.92 and 83.88 and is currently trading up at 84.21, the bias is currently bearish.
The 500 at the close.
The DOW at the close.
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Written by Gary
<p><strong><span style="font-family: arial,helvetica,sans-serif;"><span style="font-size: medium;">Written by <a rel="”author”" href="/files/gary.htm">Gary</a></span></span></strong></p>
Written by Gary