Written by Gary
Closing Market Commentary For 09-23-2013
Oh, this is a VERY unsure market with the bulls and bears equally jockeying for a position on light volume. The problem is that EVERYONE is guessing which way Mr. Market is going to go while savvy souls are sitting on their hands waiting. The issue here is that the recovery is happening, but then we never really recovered and do not forget the financial debt disaster in progress.
Markets closed on time again and that was about the only thing we could count on today as Dr. Ben is evidently brewing up another potion according to non-voting Fisher scaring the crap out of normal, human investors as they watched ALL of last Wednesday's 'Fed Bump' melt away.
Most of us have known for a long time that this market has been built like a house of cards waiting to be blown over by the smallest of Black Swans. I wish I had the crystal ball that would at least give me a hint of when it is coming. It is coming, just do not know when.
Dr. Ben is trying out the first Fixed-Rate Reverse Repo Test and hoping you do not notice. Hold on to your seats, this could be a very bumpy road for some.
Perhaps no sentence sums up the dismal reality investors face with the 'communications' strategy, the credibility, and the actions of the Federal Reserve, better than the following statement from Dallas Fed's Fisher:
FED'S FISHER SAYS VOTE LAST WEEK NOT TO TAPER DID NOT REFLECT THE DISCUSSION AT THE POLICY-SETTING TABLE
It seems that we should therefore ignore each and every Fed whisperer and President (voting or non-voting) as only man counts... Et Tu Yellen...
The DOW at 4:00 is at 15401 down 50 or -0.32%.
The SP500 is at 1701 down 8 or -0.46%.
SPY is at 169.69 down 0.79 or -0.46%.
The $RUT is at 1072 down 0.70 or -0.06%.
NASDAQ is at 3765 down 9 or -0.25%.
NASDAQ 100 is at 3219 down 5 or -0.17%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been a wash and the current closing bias is trending down.
WTI oil is trading between 105.10 and 103.15 today. The session bias is bearish and is currently trading down at 103.39.
Brent Crude is trading between 109.44 and 107.78 today. The session bias is bearish and is currently trading down at 108.01.
Gold is trading in a narrow zone from 1332.02 earlier to 1313.61 and is currently trading up at 1322.40.
Dr. Copper is at 3.297 rising from 3.265 earlier.
The US dollar is trading between 80.39 and 80.64 and is currently trading down at 80.57, the bias is currently sideways with a positive slant.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary