Written by Gary
Closing Market Commentary For 09-19-2013
The markets have melted off their morning highs, but in reality, by 2:30, it is less than 25% of Wednesday's gains and that part is bullish, but that appears that is the only good news. Investors are understandably cautious and concerned about Mr. Market's next move now that we are virtually sitting at a top.
By the market close the averages had melted off the morning highs and the averages closed mixed generally the large caps down15% to 25% and the small caps up 15% to 20%. Tomorrow will not have any significant financial news to report, so be prepared for rumors and innuendos to run the markets.
We are moving deeper and deeper into territory we shouldn't be in. But as long as the free Bernanke ice cream is being handed out - who cares!
"Truth. noun. The quality of state of being in accordance with fact or reality."
This is how the dictionary defines truth: it can be 'fact'. But it can also mean 'reality'. The people who control the system have figured this out - if they can change someone's reality, they control the truth.
This is also the case in finance and economics. For example, I heard the following statements just in the last 48-hours while visiting the Land of the Free: "America will never default on its debt." , "The debt doesn't matter because we owe it to ourselves."
Again, these statements are totally unsupported by the facts. The notion that the US government won't default on its debt is simply historically inaccurate.
Such close-mindedness is dangerous, especially in economics. People's lives and livelihoods depend on an objective understanding of the facts, not this altered reality.
The DOW at 4:00 is at 15636 down 40 or -0.26%.
The SP500 is at 1722 down 3.18 or -0.18%.
SPY is at 172.98 down 0.29 or -0.17%.
The $RUT is at 1075 down 1.70 or -0.16%.
NASDAQ is at 3789 up 5.74 or 0.15%.
NASDAQ 100 is at 3237 up 6 or 0.15%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is negative.
WTI oil is trading between 108.15 and 105.57 today. The session bias is negative and is currently trading down at 105.67.
Brent Crude is trading between 111.27 and 108.51 today. The session bias is negative and is currently trading up at 108.66.
Gold has move sideways between 1375.07 earlier to 1358.81 and is currently trading down at 1365.90.
Dr. Copper is at 3.345 rising from 3.311 earlier.
The US dollar is trading between 80.55 and 80.15 and is currently trading down at 80.48, the bias is currently positive.
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Written by Gary