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Volatility Marks Market Session As Investors Seek Shelter

August 30th, 2013
in Gary's blogging, market close

Written by

Closing Market Commentary For 08-30-2013

The last 15 minutes was interesting as the markets started a downhill rush to today's previous low at 1 pm and then started to soar back up. The DOW made a 55 point recovery in less than 5 minutes only to fall back 13 point with heavy red volume.

By 4 pm most of the large caps slowed their decent modestly while the small caps took it on the chin leading the percentage off list.

Follow up:

Markets look weaker than they did yesterday, mostly because of a looming interdiction regarding Syria and the ever present tapering of the free ice cream that Dr. Ben has been giving out.

My long term indicators are not reliable at this point as they show a 50% buy and 50% sell. The shorter term has moved up to a 65% to 70% sell with some pundits declaring 80% sell. Volatility on the DOW was good if you guessed well but that is all it was about - guessing.

Late-Day "Panic" Leaves Stocks With Worst Month Since May 2012

While the Dow suffered its worst monthly loss since May 2012, it is actually holding up better than the rest of the US equity indices since Kerry's speech on Monday.

With the Trannies down 4% since Kerry, they cap the worst in the last 23 months. Energy outperformed (unchanged) on the week and financials were major losers down 3% but hombuilders were hammered post-Kerry also ending at the lows of the week.

VIX closed at its highest in over 2 months with its biggest weekly jump in over 4 months. Away from equities, FX, commodity, and bond markets also [in turmoil]... The last few minutes saw stocks crater and ramp as liquidity, month-end, and anxiety left traders (and machines) breathless.

The DOW at 4:00 is at 14810 down 31 or -0.21%.

The SP500 is at 1633 down 5 or -0.32%.

SPY is at 163.92 down 0.52 or -0.32%.

The $RUT is at 1011 down 16 or -1.56%.

NASDAQ is at 3590 down 30 or -0.84%.

NASDAQ 100 is at 3074 down 0 or -0.63%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been down and the current bias is sideways (average). (Last few minutes was bullish)

How Oil Really Gets Priced

WTI oil is trading between 106.78 and 108.76 today. The session bias is sideways and is currently trading down at 107.65.

Brent Crude is trading between 113.64 and 115.47 today. The session bias is negative and is currently trading down at 114.09.

Gold fell from 1411.20 earlier to 1392.09 and is currently trading down at 1393.50.

Here's why copper has lost its indicator role

Dr. Copper is at 3.235 falling from 3.276 earlier.

The US dollar is trading between 81.93 and 82.31 and is currently trading up at 82.11, the bias is currently negative.

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

 

Written by Gary

 









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