Written by Gary
Closing Market Commentary For 08-22-2013
NASDAQ was off line for 3 hours this afternoon and didn't effect the markets any as they continued to show positive movements. After the NASDAQ was reinstated the SP500 moved up to make new highs for the day. AAPL fell to 498 just before the closing of NASDAQ but bounced back to 502 and then settled around the 500 area. AAPL finally ended the session at 503.33.
By 4 pm the markets had slacked off the session highs on moderate volume, but the BTFDers were still trading right up to the closing bell leaving some investors questioning the recent market bullishness.
Having taking the main financial talking points into consideration, from a traders standpoint, I am about to call this a bear market and need to start looking a shorting candidates. It doesn't really matter which way the averages go, but it would be nice if the Feds stop their meddling and get the hell out of the way.
The Feds efforts to control American Financial institutions has long gone overboard and is quickly becoming a bubble rising to the surface and could burst at any time. This could put terror in the hearts of anyone in log positions.
This QE mess has gone on too long now and is nothing but a Keynesian wet dream of major portions with an equally messy situation to clean up. When are these intellectual impotent 'Doves' going to wake up and realize these repeated efforts to support their banking buddies will have some very serious side effects on the citizens of the World.
This is sad, very sad and it will end badly.
The DOW at 4:00 is at 14964 up 66 or 0.44%.
The SP500 is at 1657 up 14 or 0.86%.
SPY is at 166.17 up 1.50 or 0.91%.
The $RUT is at 1036 up 15 or 1.43%.
NASDAQ is at 3639 up 39 or 1.08%. (NASDAQ was shut down 3 hours for technical issues.)
NASDAQ 100 is at 3102 up 30 or 0.99%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is positive.
WTI oil is trading between 103.54 and 105.19 today. The session bias is positive and is currently trading up at 105.05.
Brent Crude is trading between 109.48 and 110.13 today. The session bias is sideways and is currently trading down at 109.89.
Wayne S. caught my typing blunder yesterday, let's see if I can type better today.
Gold rose from 1354.84 earlier to 1380.85 and is currently trading up at 1374.20.
Dr. Copper is at 3.325 falling from 3.368 earlier.
The US dollar is trading between 81.12 and 81.76 and is currently trading down at 81.51, the bias is currently neutral to bearish.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary