Written by Gary
Closing Market Commentary For 12-16-2013
Mr. Market played the sideways game today staying about even for 80% of the day. A very slight down trend for most of the averages, but nothing that would cause the alarm sell/buy button to sound off and I believe you can wait until the 18th for that to happen.
By 4 pm there was a very brief surge of profit taking, which is normal, but until Wednesday, I seriously doubt we will see much action. (But always watch out for that Black Swan)
The short term indicators are still leaning towards the hold side at the closing, but I would advise caution in taking a position because of the Fed's cryptic utterances in hinting when the taper will begin and by how much. I would also take chart and other technical indicators with a grain of salt for the time being and watch what the Fed does WHEN it actually does something.
The longer 6 month outlook remains 40-60 sell until we can see what the Fed is actually going to do, simple as that. If we get some Fed tapering this week the markets will certainly react in a negative fashion, how much of course depends on much bond buying takes place. If the tapering begins in March 2014, like many believe it will, the markets are going to price that in by declining sooner. I am expecting weak to negative markets for the foreseeable future.
The DOW at 4:00 is at 15884 up 129 or 0.82%.
The SP500 is at 1786 up 11 or 0.63%.
SPY is at 179.19 up 1.11 or 0.62%.
The $RUT is at 1117 up 10 or 0.91%.
NASDAQ is at 4029 up 28 or 0.71%.
NASDAQ 100 is at 3476 up 20 or 0.56%.
The longer trend is up, the past months trend positive bullish, the past 5 sessions have been negative and the current bias is sideways.
WTI oil is trading between 96.52 and 97.97 today. The session bias was positive and is currently trading down at 97.58.
Brent Crude is trading between 108.53 and 110.40 today. The session bias is now negative and is currently trading down at 109.05.
Gold rose from 1227.28 earlier to 1251.28 and is currently trading down at 1244.70.
Dr. Copper is at 3.326 rising from 3.300 earlier.
The US dollar is trading between 80.36 and 80.06 and is currently trading down at 80.23, the bias is currently sideways.
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Written by Gary