Written by Gary
Closing Market Commentary For 09-20-2013
Weekend is upon us and time to reflect on where we are and where we are going. Today's market fall erased 2/3rds of Wednesday's gains and by my thinking, Wednesday was a knee-jerk reaction that should have not happened and we are exactly where we should be. However, my suspicion is that this decline will continue into Monday's market and I'll play it safe and sit on my hands until Monday.
Markets closed down where the DOW took a big hit -1.19% while the small caps did better at -0.40%. Are we pricing in an October taper?
Investors are obviously confused, concerned and trying to be careful on what to do next now that we are near market tops and the looming prospects of the taper. Mr. Market is not giving any hints to what he has planed for Monday, but knowing how this casino market works, it is guaranteed to rise significantly on Monday if you have shorted today.
And for those who care, my ETF short purchased at yesterday's opening has resulted in a +0.90 of a point gain. Sold my position at the closing for a decent profit, but it took an overnight trade to do so. I'll be glad when we get volume and some volatility back into the game.
The DOW at 4:00 is at 15451 down 185 or -1.19%.
The SP500 is at 1710 down 12 or -0.72%.
SPY is at 170.73 down 1.20 or -0.70%.
The $RUT is at 1073 down 2.44 or -0.23%.
NASDAQ is at 3775 down 15 or -0.39%.
NASDAQ 100 is at 3225 down 13 or -0.40%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the closing bias is bearish.
WTI oil is trading between 106.11 and 104.51 today. The session bias is negative and is currently trading down at 104.86.
Brent Crude is trading between 108.48 and 109.65 today. The session bias is neutral and is currently trading up at 109.28.
Gold fell from 1366.62 earlier to 1325.32 and is currently trading down at 1325.94.
Dr. Copper is at 3.307 falling from 3.358 earlier.
The US dollar is trading between 80.40 and 80.69 and is currently trading down at 80.57, the bias is currently neutral.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary