Written by Gary
Closing Market Commentary For 09-05-2013
The entire afternoon session was in a tight narrow band except towards the end where apparent weakness melted the averages down slightly.
By 4 pm the volume for the day was lighter than usual as it appears the markets are consolidating for a big move - but, which way? $VIX has moved up to 15.77 at the closing and most savvy investors continue to sit on their hands for several reasons.
One is the uncertainty of World affairs, including India, Iraq and Asia in general. The other is the trading zone requires a higher percentage of cash just to get meager returns. Either one is enough to just sit and watch what is going to happen tomorrow.
On one hand I see tomorrow sliding sideways like today, or the other I see a lot of scared investors jumping ship. This is not a market I like to trade in, besides it is time for an adult beverage.
The DOW at 4:00 is at 14937 up 7 or 0.14%.
The SP500 is at 1655 up 2 or 0.12%.
SPY is at 165.89 up 0.21 or 0.13%.
The $RUT is at 1029 up 3 or 0.30%.
NASDAQ is at 3659 up 10 or 0.27%.
NASDAQ 100 is at 3130 up 5 or 0.17%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is neutral.
WTI oil is trading between 106.82 and 108.52 today. The session bias is positive and currently trading up at 108.34.
Brent Crude is trading between 114.31 and 115.55 today. The session bias is negative and is currently trading down at 115.31.
Gold rose fell 1399.46 earlier to 1365.17 and is currently trading down at 1368.10.
Dr. Copper is at 3.247 falling from 3.259 earlier.
The US dollar is trading between 82.14 and 82.71 and is currently trading up at 82.67, the bias is currently positive.
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Written by Gary