Closing Market Commentary For 08-16-2013
No sooner than publishing the Midday Commentary the support from yesterday's session was penetrated and the averages slowly melted down on anemic volume.
The sea-sawing action was prevalent for most of the afternoon session where the averages traded in a narrow zone. Volume has been noticeably light except for the usual end of day activity. Even at the close most traders had already left the office and were headed for their favorite vacation spot.
By 4 pm the markets had closed down somewhat looking tired and unattractive.
The SP500 is at 1656 down 5.49 or -0.33%.
SPY is at 165.57 down 0.80 or -0.49%.
The $RUT is at 1024 down 3.31 or -0.32%.
NASDAQ is at 3603 down 3.34 or 0.09%.
NASDAQ 100 is at 3074 down 2.32 or 0.08%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is negative.
WTI oil is trading between 107.04 and 108.16 today. The session bias is positive and is currently trading up at 107.73.
Brent crude is trading between 109.17 and 110.67 today. The session bias is positive and is currently trading up at 110.67.
Gold rose from 1257.04 earlier to 1379.16 and is currently trading up at 1373.80.
Dr. Copper is at 3.362 rising from 3.339 earlier.
The US dollar is trading between 81.06 and 81.42 and is currently trading up at 81.31, the bias is currently sideways.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary