Written by Gary
Closing Market Commentary For 10-17-2013
SP500 sets new historic high while the DOW remained in the red all day. At first glance today's session looks like we are off and running for another grab for the illusive gold ring investors are always seeking.
By 4 pm the markets closed up and looking good while the 'Sheeples' probably are calling their brokers to buy first thing in the morning. Savvy investors knows what that implies.
The very short indicators are VERY much in the negative zone and shorting has become a distinct possibility. Taking a position this afternoon or waiting for tomorrow to get in is looking very favorable. Myself, I am going to wait until tomorrow and NOT jump the gun on an assumed negative correction before an all out test on the resent highs is attempted again.
This because the SP500 closed at a new high, but at only moderate volume, sending incomplete signals. The thought going around the office is that we may see the markets open high and immediately start melting down, but this is just a guess of course. The 'Sheeples' are not always wrong.
As we tweeted earlier, the mainstream media now has its headline for tonight.
As earnings looking likely to be a disaster, and with nothing but a 3 month can kicked to the next farce in Washington, it is likely becoming just too plain to see for the world that US equities rise on the basis of one thing and one thing only, and the Fed speakers today confirmed that the un-Taper is off the table (as gold confirms).
*S&P 500 CLIMBS ABOVE INTRADAY RECORD TO 1,733
The DOW at 4:00 is at 1570 down 3.34 or -0.02%.
The SP500 is at 1733 up 11.38 or 0.66%.
SPY is at 173.25 up 0.51 or 0.30%.
The $RUT is at 1098 up 5 or 0.48%.
NASDAQ is at 3851 up 11 or 0.29%.
NASDAQ 100 is at 3291 up 9 or 0.28%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is positive.
WTI oil is trading between 102.95 and 100.05today. The session bias is negative and is currently trading down at 100.67.
Brent Crude is trading between 111.27 and 108.73 today. The session bias is negative and is currently trading down at 108.96.
Gold rose from 1273.97 earlier to 1324.18 and is currently trading up at 1320.00.
Dr. Copper is at 3.311 falling from 3.325 earlier.
The US dollar is trading between 80.85 and 79.68 and is currently trading up at 79.73, the bias is currently negative.
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Written by Gary