Closing Market Commentary For 08-20-2013
The afternoon session traveled sideways in a sea-saw fashion, but not enough movement to glean any profits. Volume remained low to anemic as the HFT computers did their thing.
About 3:45 the averages took a decidedly sharp nose dive looking at first to be nothing more than a bear trap. But in the last 5 minutes a lot of volume was generated by both sides of the fence with the bears finally taking charge leaving the large caps mostly flat at the close.
Exactly what this last minute decline means is probably no more than some investors seeking protection against torrow morning report on Existing Home sales. Lots of manipulation of the market place today and tomorrow might be a high volume event.
The DOW at 4:00 is at 15003 down 8 or -0.05%.
The SP500 is at 1652 up 6.29 or 0.38%.
SPY is at 165.66 up 0.81 or 0.49%.
The $RUT is at 1028 up 15 or 1.51%.
NASDAQ is at 3613 up 24.50 or 0.68%.
NASDAQ 100 is at 3082 up 12 or 0.40%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is bearish.
WTI oil is trading between 105.25 and 106.90 today. The session bias is positive and is currently trading down at 105.05.
Brent crude is trading between 108.62 and 110.70 today. The session bias is sideways and is currently trading down at 110.08.
Gold rose from 1351.91 earlier to 1376.89 and is currently trading down at 1370.80.
Dr. Copper is at 3.331 rising from 3.303 earlier.
The US dollar is trading between 81.37 and 80.77 and is currently trading down at 80.93, the bias is currently negative.
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Written by Gary