Market Commentary: Markets Close Near Session Highs, Reversal Tomorrow?

October 16th, 2013
in Gary's blogging, market close

Written by

Closing Market Commentary For 10-16-2013

Markets slid along sideways for the session's afternoon action awaiting word from the US House Of Representatives after the Senate sent the latest bill to them. Just like a bunch of irresponsible high school teenagers, they wait until the last moment to get their homework done - pathetic!

Markets closed near their highs for the day on lower than normal volume suggesting we will have a negative correction tomorrow - stay tuned.

Follow up:

In other news, the Fed states, in the Beige Book release notes from this afternoon, that the employment growth remained 'modest' in September, which means that we will see a further delay in the Fed's exit amid 'increase in uncertainty.' The markets either did not see the Beige Book report or doesn't care as the numbers didn't move much.

Investors should care because sooner or later this mess is going to get them where it hurts the most.

Jamie Dimon On The US Debt Endgame

Q. How worried are you that one morning the bond market has moved against the United States?

A. It's virtually assured, the question is when and how. I don't know if it will be two years of five years but it will happen. It is a matter of time, the United States can't borrow indefinitely.

Over hundred years bankruptcies of country after country who thought they could get away with it because they had the reserve currency and the military power of the world.

We are going to have fiscal discipline. It's imposed upon us or we do the right thing and do it to ourselves the right way.... America knows the way, it doesn't have the will.

The DOW at 4:00 is at 15374 up 206 or 1.36%.

The SP500 is at 1721 up 23 or 1.38%.

SPY is at 171.80 up 2.37 or 1.40%.

The $RUT is at 1092 up 12.80 or 1.19%.

NASDAQ is at 3839 up 45 or 1.20%.

NASDAQ 100 is at 3282 up 37 or 1.14%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is sideways.

How Oil Really Gets Priced

WTI oil is trading between 100.78 and 102.94 today. The session bias is positive and is currently trading down at 102.28.

Brent Crude is trading between 109.06 and 111.28 today. The session bias is positive and is currently trading down at 110.55.

Gold fell from 1287.17 earlier to 1268.65 and is currently trading down at 1279.20.

Here's why copper has lost its indicator role

Dr. Copper is at 3.311 rising from 3.264 earlier.

The US dollar is trading between 80.37 and 80.85 and is currently trading down at 80.59, the bias is currently positive.

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


Written by Gary


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