Opening Market Commentary For 08-20-2013
Premarkets were up earlier and then slithered down towards the opening bell without giving any hint of session direction.
The markets opened down as expected with a huge red volume spike, then almost immediately started to melt upwards placing the averages in the green, but flat. Volume remained in the 'moderate' zone with spikes of both red and green indicating investors had differences of opinion where Mr. market was eventually going to go.
From the opening all my guesses and theory's from yesterday went into the circular bin. I had hypothesized the markets would melt down today because the Existing Home Sales on Wednesday would better than expected and drive the markets back up. Thus lining the pockets of DaBoyz and other unscrupulous Wall Street players with ill-gotten gains. I have stipulated many times that this casino market is fixed and manipulated thus making movement predictions impossible for the small players.
Due to the lack of high visibility financial news this morning I expected the markets to have at least a sideways session with a negative slant. But it appears tomorrows Existing Home Sales has been leaked to be worse than expected thus will drive the markets down.
My theory is the Wall Street 'bad guy's' will drive today's numbers up as far as they can and place their shorts before today's closing bell and glean their profits on tomorrow's market decline.
The DOW at 10:45 is at 15049 up 37 or 0.24%.
The SP500 is at 1653 up 8 or 0.47%.
SPY is at 165.70 up 0.93 or 0.56%.
The $RUT is at 1023 up 10 or 0.98%.
NASDAQ is at 3611 up 22 or 0.62%.
NASDAQ 100 is at 3087 up 17 or 0.55%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is bullish.
WTI oil is trading between 105.25 and 106.89 today. The session bias is positive and is currently trading up at 106.00.
Brent crude is trading between 108.62 and 109.81 today. The session bias is positive and is currently trading up at 109.64.
Gold rose from 1351.91 earlier to 1376.83 and is currently trading down at 1373.60.
Dr. Copper is at 3.334 rising from 3.303 earlier.
The US dollar is trading between 81.37 and 80.77 and is currently trading down at 80.88, the bias is currently negative.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary