Written by Gary
Closing Market Commentary For 10-09-2013
Small caps took it on the chin today and they need to lead the way upwards if we are to see this market continue the bull run of the past several years, but that is really wishful thinking.
By 4 pm the markets turned around from a solid upwards trend to dismal, lackluster, flat mixed market. This is to be expected during the 'Middle Finger Negations' going on in Washington.
The SP500 dipped into the danger support at 1654 and closed just above it. Looking at first like a nice recovery, it would have remained below if it had not been for the HFT algo computers. Oil, gold and copper are still down and the US dollar is up which does not sound like a bull market charging uphill. The financial 'issues' that have plagued this market for several years are still here and getting worse by the day.
Look to tomorrow as the markets flirt with this support area confusing investors even more than they are now.
More free ice cream as President Obama has officially announced the nomination of Janet Yellen for Fed chair. Along with the HFT computers, this market is destine to climb to 18 million.
Curious why algos suddenly are buying because other algos are buying because other algos are buying, pushing the S&P higher by 10 point in virtually no time?
Simple. It appears at least one vacuum tube decided to scan the news archive, and fell upon the Politico story from 7 AM Eastern which said that the Republicans and Democrats had met in a secret meeting.
The DOW at 4:00 is at 14803 up 26 or 0.18%.
The SP500 is at 1656 up 1 or 0.06%.
SPY is at 165.35 up 0.12 or 0.17%.
The $RUT is at 1043 down 4 or -0.36%.
NASDAQ is at 3678 down 17 or -0.46%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been down and the current bias is negative.
WTI oil is trading between 103.75 and 101.25 today. The session bias is negative and is currently trading down at 101.44.
Brent Crude is trading between 110.48 and 108.21 today. The session bias is negative and is currently trading down at 109.02.
Gold fell from 1322.13 earlier to 1295.27 and is currently trading up at 1304.40.
Dr. Copper is at 3.226 falling from 3.297 earlier.
The US dollar is trading between 79.96 and 80.66 and is currently trading down at 80.44, the bias is currently neutral with a negative slant.
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Written by Gary