Market Commentary: Markets Closed Down, DOW Off Triple Digits On Moderate Volume

June 11th, 2014
in Gary's blogging, market close

Written by

Closing Market Commentary For 06-11-2014

Most investors are concerned that today's losses could become more serious if this is more than a consolidation for an overbought condition.

By 4 pm there was a minor sell-off with some quick on the button BTFDers saving the session from further losses. The big loser of the day was the DOW and the least affected was the $NDX. Volume at the close was low to moderate and didn't reveal what action tomorrow might have.


Follow up:

Again, be careful in making any 'drastic' moves and be alert for sudden reversals.

The short term indicators are leaning towards the hold side at the close. The all important signs of reversal, up or down, have not been observed so we are mostly, at best, neutral and conservatively holding. The important DMA's, volume and a host of other studies have not turned and that is not enough for me to start shorting. The SP500 MACD has turned flat, but remains above zero at 18.63. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 32 % buy. (up from 16% buy this afternoon) Investing.com members' sentiments are 68 % bearish and Investors Intelligence sets the breath at 67.2 % bullish with the status at Bear Correction.

If you would like to get advanced buy/sell tweets, sign-up in the column to the right of this post by clicking on the 'Follow' button. Write me with suggestions and I promise not to bite.

The DOW at 4:00 is at 16844 down 102 or -0.60%.

The SP500 is at 1944 down 6.90 or -0.35%.

SPY is at 194.95 down 0.68 or -0.35%.

The $RUT is at 1167 down 6 or -0.51%.

NASDAQ is at 4332 down 6 or -0.14%.

NASDAQ 100 is at 3797 down 3 or -0.08%.

$VIX 'Fear Index' is at 11.62 up 0.63 or 5.73%. Neutral Movement

(Follow Real Time Market Averages at end of this article)

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

How Oil Really Gets Priced

WTI oil is trading between 104.81 (resistance) and 104.18 (support) today. The session bias is mixed and volatile and is currently trading up at 104.47.

Brent Crude is trading between 109.57 (resistance) and 108.78 (support) today. The session bias is volatile and sideways and is currently trading up at 109.48.

Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones

Gold fell from 1265.27 earlier to 1258.79 and is currently trading up at 1261.40. The current intra-session trend is sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.036 falling from 3.070 earlier.

The US dollar is trading between 80.91 and 80.69 and is currently trading down at 80.75, the bias is currently positive and volatile.

Real Time Market Numbers

Leading Stock Quotes powered by Investing.com

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

gary@econintersect.com

 

Written by Gary









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