Written by Gary
Closing Market Commentary For 09-06-2013
Well this was an interesting session with extreme movements to deal with. I wouldn't want to be holding any longs this weekend with loose canons like Putin roaming around. I do not think Mr. Market knows what will happen at this point either, I sure don't.
Markets closed mixed, flat and weak as the DOW led the pack with a minus 15 points after unconfirmed gas attacks in Syria.
The markets started to drop around 3 pm when unconfirmed reports of another gas attack occurred today, this is not good news if confirmed. Watch your stops, if they weren't already triggered this morning.
So totally unexpected:
SYRIA GOVT FORCES SHELL QABUN, DAMASCUS WITH GAS: AL-ARABIYA
AL-ARABIYA CITES UNIDENTIFIED ACTIVISTS - so the same CIA-trained, al Qaeda funded, Qatari mercenaries?
Actually it is surprising: the odds were today's false flag would take place in Iran to get the Israel card in play.
Apparently nobody was dumb enough to assume the government would go with two false flags in a row in the same place. And now bring on the 1000 YouTube clips of "undisputed proof."
This bit is way too funny, but puts a slant on where the economy is headed or has been heading. Remember the banking industry is here to help you. Just bend over to pick up that nickel that Dr. Ben just dropped.
Earlier we pointed out the latest amusing scapegoat for the "soft" jobs report: it wasn't the weather this time, but the porn inudstry, and specifically the exodus of 22k "actors" due to an HIV scare.
Whether or not this truly amusing justification for the recent, and ongoing, weakness is relevant is unknown, but what is known is that there appears to have been another great rotation to take place in the just as amusingly-called US economic "recovery" - a rotation out of actors and into, where else, waiters and bartenders.
The DOW at 4:00 is at 14922 down 15 or -0.10%.
The SP500 is at 1655 up 0.09 or 0.0.01%.
SPY is at 165.96 up 0.08 or 0.05%.
The $RUT is at 1029 up 0.86 or 0.08%.
NASDAQ is at 3660 up 1 or 0.03%.
NASDAQ 100 is at 3133 up 3 or 0.11%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is bearish.
WTI oil is trading between 108.12 and 110.67 today. The session bias has again turned negative and is currently trading down at 110.19.
Brent Crude is trading between 114.87 and 116.55 today. The session bias has turned negative and is currently trading down at 115.86.
Gold rose from 1361.78 earlier to 1392.65 and is currently trading up at 1388.90.
Dr. Copper is at 3.260 from from 3.287 earlier.
The US dollar is trading between 82.65 and 82.06 and is currently trading up at 82.19, the bias is currently sideways.
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Written by Gary