Markets Open Up, Correct To Yesterday's Close

August 23rd, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 08-23-2013

Premarkets were up +0.30% from yesterday's close suggesting a gap up for the cash crowd this morning.

As expected the markets did gap up at the opening (~+0.40%) but quickly reversed itself descending and closing most gaps. Notably, the NASDAQ remained higher with a significant opening gap yet to be closed. The large cap trend by 10 am was defiantly bearish but halting at yesterday's closing. The day's session has only started and doesn't look promising for the BTFDers today. Their luck may have finally run out.

Follow up:

Read at Zero Hedge regarding yesterday's NASDAQ's fiasco, "An absolute circus meant only to preserve confidence in a rigged, manipulated system based on incorrect electronic trades." Personally, I believe that statement could be used for the entire market system. What a joke the past few years have been.

The DOW at 10:15 is at 14940 down 18 or -0.12%.

The SP500 is at 1656 down 0.53 or -0.03%.

SPY is at 166.02 down 0.05 or -0.2%.

The $RUT is at 1033 down 2.52 or -0.24%.

NASDAQ is at 3649 up 11 or 0.30%.

NASDAQ 100 is at 3119 up 17 or 0.56%.

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

How Oil Really Gets Priced

WTI oil is trading between 104.32 and 105.36 today. The session bias is bearish and is currently trading down at 104.55.

Brent Crude is trading between 110.45 and 108.76 today. The session bias is negative and is currently trading down at 110.03.

Gold rose from 1368.42 earlier to 1388.15 and is currently trading up at 1386.90.

Here's why copper has lost its indicator role

Dr. Copper is at 3.336 falling from 3.353 earlier.

The US dollar is trading between 81.69 and 81.49 and is currently trading down at 81.54, 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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