Closing Market Commentary For 08-02-2013
Markets closed up but flat and looking like it is on the bubble. TA shows we could go up further, but I would not place a bet on this casino market.
By 4 pm the volume was moderate with enough brave investors to gamble on it melting further upwards in the coming days or weeks. The climb during the afternoon session was steady enough for me to believe it could very well continue tomorrow.
However, things in the casino la la market are not what they seem to be with certain investors, others like the continuing free ice cream.Catch a falling knife? Nah, not a problem!
When the payroll report was released last month, the world finally noticed what we had been saying for nearly three years: that the US was slowly being converted to a part-time worker society.
In July we are sad to report that America's conversation to a part-time worker society is not "tapering": according to the Household Survey, of the 266K jobs created (note this number differs from the establishment survey), only 35% of jobs, or 92K, were full time. The rest were... not.
The DOW at 4:00 is at 15568 up 30 or 0.19%.
The SP500 is at 1710 up 2.80 or 0.16%.
SPY is at 170.90 up 0.29 or 0.17%.
The $RUT is at 1060 down 0.02 or -0.00%.
NASDAQ is at 3689 up 13.85 or 0.38%.
NASDAQ 100 is at 3143 up 17.22 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 positive.
WTI oil is trading between 108.76 and 106.47 today. The session bias is bearish and is currently trading down at 106.72.
Brent crude is trading between 110.08 and 108.39 today. The session bias is bearish and is currently trading down at 108.84.
Gold rose from 1282.74 earlier to 1317.64 and gaping at 1288.87 as it rose and is currently trading down at 1307.55.
Dr. Copper is at 3.166 rising from 3.132 earlier.
The US dollar is trading between 82.57 and 81.90 and is currently trading down at 81.99, the bias is currently bearish.
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Written by Gary