Written by Gary
Closing Market Commentary For 10-22-2013
Markets generally melted upwards during the afternoon session on moderate volume.
By the 4 pm closing bell there was no big sell-off or buying spree, just a moderate back and forth trading between the bulls and bears. If you didn't know better one might think this was normal trading day, but far from it as most savvy investors are waiting for the other shoe to fall.
The big question going on in investors heads is how does the debt problem in the US get solved?
There are no simple solutions to the issues that currently plague the U.S. and, unfortunately, the latest debt ceiling debate/government shutdown did nothing to institute any reforms whatsoever.
The "kick-the-can" solutions by fiscal policy makers continues to show little understanding about the drivers of real economic growth, the need to reduce governmental dependency or a real "wealth effect" that impacts more than just 1% of the population.
The DOW at 4:00 is at 15468 up 75 or 0.49%.
The SP500 is at 1755 up 10 or 0.57%.
SPY is at 175.38 up 1.01 or 0.58%.
The $RUT is at 1116 up 3.14 or 0.28%.
NASDAQ is at 3930 up 9.52 or 0.24%.
NASDAQ 100 is at 3367 up 5.75 or 0.17%.
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 98.68 and 100.29 today. The session bias is bearish and is currently trading down at 98.36.
Brent Crude is trading between 109.56 and 110.89 today. The session bias is bearish and is currently trading down at 110.03.
Gold rose from 1310.16 earlier to 1344.86 and is currently trading down at 1339.60.
Dr. Copper is at 3.337 rising from 3.296 earlier.
The US dollar is trading between 79.85 and 79.27 and is currently trading up at 79.30, the bias is currently sideways.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary