Written by Gary
Closing Market Commentary For 09-12-2013
Markets closed down moderately ending the 7 day bull run and investors wondering what is next. Another last minute BTFDers were in and doing yesterday's thing and we all know that turned out.
Markets closed with investors and traders alike scratching their head wondering if this tired old market (fat with free ice cream) is going to be able to crash through the upper resistance this coming week. The markets ended down somewhat, looking flat and unattractive, but that could change tomorrow morning
Bloomberg and FOX financial TV has all but proclaimed today the bull rally is alive and well. If you missed out on the Verizon bond deal of the century, they have more to sell you - come on in, the water is fine.
Place your bets, er, buy long and prosper. Maybe, but not just yet. The more bullish this weak market gets the more suspicious I become of market manipulation shenanigans. Tread carefully for the next 5 or so sessions. Sell indicators are still at 70 to 80% and buy is down to 15 to 25%.
The DOW at 4:00 is at 15300 down 26 or -0.17%.
The SP500 is at 1683 down 5.71 or -0.34%.
SPY is at 169.07 down 0.45 or -0.27%.
The $RUT is at 1048 down 6.86 or -0.65%.
NASDAQ is at 3716 down 9 or 0.24%.
NASDAQ 100 is at 3175 down 4 or 0.13%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is bearish.
WTI oil is trading between 107.30 and 109.15 today. The session bias is positive and is currently trading up at 108.72.
Brent Crude is trading between 111.85 and gaping down to 110.02 today. The session bias is now positive and is currently trading up at 111.81. (gap has been closed)
Gold fell from 1365.15 earlier to 1321.43 and is currently trading down at 1322.50.
Dr. Copper is at 3.206 falling from 3.278 earlier.
The US dollar is trading between 81.50 and 81.91 (gap at 81.50) and is currently trading up at 81.70, the bias is currently negative. (gap not filled)
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Written by Gary