Market Commentary: Markets Loose All Gains For Today's Session

October 7th, 2013
in Gary's blogging, market close

Written by

Closing Market Commentary For 10-07-2013

Markets went sliding sideways most of the afternoon and suddenly about 3:15 down they went south in a big way falling -0.30% or more.

By 4 pm the indices were back down where the morning lows started out and the aftermarkets were still melting down.

Follow up:

Not a whole lot to report as the markets are expected to become more volatile as each day progresses ahead with out any resolution from the US Congress. Falling as the did today was not unexpected, but not predictable unfortunatly.

Seeking Alpha reports the fall is what we have been saying all last week, investors are deeply concerned - Duh!

Stocks stumble as debt ceiling deadline draws closer

  • With the lack of any market-moving corporate news and a barren economic calendar, traders were focused squarely on the political game of chicken on Capitol Hill, sending stocks broadly lower as hardening resolve on both sides caused the impression that any budget and/or debt ceiling deal may not happen until the last minute - if at all.

  • As in previous sessions, selling was orderly with no sense of panic, but the Dow did hit one-month lows and the VIX spiked nearly 13% to a three-month high.

  • Traders said volume remained low as investors held back in the uncertainty.

  • Asset prices reflected a move to safety: The 10-year Treasury note rose, with its yield slipping to 2.634% from 2.65%, gold futures rose 1.1% to $1,324.80, and the dollar lost fell vs. the yen and the euro.

The SP500 is at 1676 down 14 or -0.85%.

SPY is at 167.27 down 1.46 or -0.86%.

The $RUT is at 1066 down 12 or -1.16%.

NASDAQ is at 3770 down 37 or -0.98%.

The longer trend is up, the past months trend is mixed, the past 5 sessions have been negative and the current bias is bearish.

How Oil Really Gets Priced

WTI oil is trading between 103.71 and 101.88 today. The session bias is neutral and is currently trading down at 103.03.

Brent Crude is trading between 110.09 and 107.94 today. The session bias is neutral and is currently trading down at 109.55.

Gold rose from 1308.41 earlier to 1328.57 and is currently trading up at 1322.90.

Here's why copper has lost its indicator role

Dr. Copper is at 3.297 rising from 3.264 earlier.

The US dollar is trading between 80.00 and 80.23 and is currently trading down at 80.00, the bias is currently negative.

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

 

Written by Gary

 















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