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SP500 Reach For New Highs, Will They Hold?

July 12th, 2013
in Gary's blogging, market close

Closing Market Commentary For 07-12-2013

Crazy day as the markets melt up towards the close on falling volume – rumors galore and HFT computers working overtime. Volume did pick up last 5 minutes much of it selling. The SP500 and $RUT did mark new highs, but does that really mean anything?

Monday will be an interesting one as I expect a sell off, minor one for sure, but the resistance couldn't be penetrated and I think Mr. Market is going to back off so as to make a run for it.

Follow up:

I am continually bothered by the ever falling daily volume and yet the averages post new highs.

The DOW at 4:00 is at 15464 down 3.38 or 0.02%.

The SP500 is at 1680 up 5.17 or 0.31%.

SPY is at 167.50 up 0.05 or 0.03%.

The $RUT is at 1036.52 up 3.34 or 0.32%.

NASDAQ is at 3600.08 up 21.78 or 0.61%.

NASDAQ 100 is at 3079.07 up 19.61 or 0.64%.

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

How Oil Really Gets Priced

WTI oil is trading between 104.37 and 106.19 today. The session bias is positive and is currently trading down at 106.08.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 107.04 and 109.09 today. The session bias is positive and is currently trading up at 109.00.

Gold fell from 1287.08 earlier to 1266.63 and is currently trading down at 1282.55.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.158 rising from 3.135 earlier.

The US dollar is trading between 82.77 and 83.39 and is currently trading down at 83.13, the bias is currently negative.

The 500 at the close.

The DOW at the close.

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

gary@econintersect.com

Written by Gary









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