Hindenburg Oman Prediction As Volume Hit Lows For 2013

August 5th, 2013
in Gary's blogging, market close

Closing Market Commentary For 08-05-2013

The averages never reached the morning highs but stayed in a respectable distance. Volume remained light up to the last half hour of trading where the was a minor sell off.

No clues from Mr. Market on the market direction today, but I would remain wary and have a finger on the trigger just in case the Hindenburg Oman is true.

Follow up:

Hindenburg Oman? Not so sure about that.


Lowest Volume Day Of Year Ends With Hindenburg Omen

S&P futures volume was the lowest of 2013 for a non-holiday-related day (35% below last year's volume and 40% below recent average volume).

NYSE volume the second lowest of the year. Tech and Staples managed small gains on the day but homebuilders and utilities underperformed as bond yields rose 3 to 5bps on the day.

The 'anxiety' in stocks showed itself with another appearance of the Hindenburg Omen (which has signaled short-term weakness in the last six months). The Russell closed green and thanks to AAPL, the Nasdaq eked out a small gain. Trannies were down 0.8% in their now-ubiquitous schizophrenic manner.

The USD slid lower from the US open ending -0.1% (with JPY strength dominant) but commodities were worse down 0.5% (WTI) to 1% (silver and gold) on the day. VIX was clubbed lower (to 11.8% - its lowest close in 5 months) right at the close to ramp stocks into the cash close.

The DOW at 4:00 is at 15612 down 46 or -0.30%.

The SP500 is at 1707 down 2.53 or -0.15%.

SPY is at 170.71 down 0.25 or -0.15.

The $RUT is at 1063 up 3.15 or 0.30%.

NASDAQ is at 3693 up 3.36 or 0.09%.

NASDAQ 100 is at 3143 down 0.33 or -0.01%.

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

How Oil Really Gets Priced

WTI oil is trading between 107.68 and 105.71 today. The session bias is sideways and is currently trading down at 106.48.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 109.43 and 107.58 today. The session bias is sideways and is currently trading up at 108.63.

Gold fell from 1319.85 earlier to 1296.99 and is currently trading down at 1301.65.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.168 falling from 3.188 earlier.

The US dollar is trading between 81.81 and 82.15 and is currently trading up at 81.92, the bias is currently negative.

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


Written by Gary

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