Written by Gary
Closing Market Commentary For 09-09-2013
Interesting session today where the averages 'should' have melted down instead melted up with so much uncertainty ahead. It would appear DaBoyz and the HFT computer algo crowd are manipulating the numbers higher so they can profit when the market is going down.
Markets closed up in the face of SERIOUS uncertainty that can only spell a nice backwards move for the markets in the days ahead. This is one guess that will turn a profit for the investors on their toes.
Sell when the market is high (without reason) and buy when it is low is the old saying, but very difficult to gauge unfortunately.
There were a lot of investors who really thought, correctly I might add, that the market was going to hell in a hand basket and shorted last week. BUT, as I have been saying in previous posts it may be too early to start shorting and today is a good example why the savvy traders are keeping their hands in their pockets for now.
It wouldn't be the US equity market if the worst-of-the-worst companies were not getting bid to the moon.
With all the event risk ahead, those who suggest that "stocks don't like uncertainty," appear to be talking anally once again.
Today's best day in stocks in 2 months is driven not just by EURJPY carry-mongers, but by the largest short-squeeze in US markets in 15 months.
Why, we hear you ask? Why not... Just ask the homebuilders - which are up a new normal 5% from Friday's open.
Aftermarket SP500 drops to 1668 FWIW.
The DOW at 4:00 is at 15063 up 140 or 0.94%.
The SP500 is at 1671 up 16 or 1.00%.
SPY is at 167.52 up 1.59 or 0.96%.
The $RUT is at 1046 up 16 or 1.61%.
NASDAQ is at 3706 up 46 or 1.26%.
NASDAQ 100 is at 3170 up 36 or 1.17%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been slightly positive and the current bias is sideways with a positive slant.
WTI oil is trading between 110.44 and 108.77 today. The session bias is negative and is currently trading up at 108.94.
Brent Crude is trading between 116.17 and 113.00 today. The session bias is negative and is currently trading up at 113.19.
Gold rose from 1381.98 earlier to 1390.43 and is currently trading up at 13886.60.
Dr. Copper is at 3.280 rising from 3.246 earlier.
The US dollar is trading between 82.32 and 81.69 and is currently trading up at 81.81, the bias is currently sideways.
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Written by Gary