Market Commentary: Markets Melt Up, But Close Off Session Highs

June 17th, 2014
in Gary's blogging, market close

Written by

Closing Market Commentary For 06-17-2014

The major averages trended mostly upwards in a market place that is supposed to be unrigged by insider trading using 'Dark Pools' and HFT algo computers. With hawkish inflation, dismal housing data, Ukraine issues and Iraq ISSI slaughtering anything in their sights it turned out be a great day for the markets.

By 4 pm, on low volume, the averages closed up, but off the afternoon session highs. It was not a bearish day, but the bulls out there were really subdued as the only action was from the HFT computers. There are definitely risks ahead.

Follow up:

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 down, but remains above zero at 15.09. I would advise caution in taking any position during this volatile transition period although shows a 40 % sell. (up from 24% sell this morning) members' sentiments are 66 % 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 16808 up 27 or 0.16%.

The SP500 is at 1942 up 4.21 or 0.22%.

SPY is at 194.74 up 0.51 or 0.26%.

The $RUT is at 1177 up 10 or 0.84%.

NASDAQ is at 4337 up 16 or 0.37%.

NASDAQ 100 is at 3781 up 1.39 or 0.04%.

$VIX 'Fear Index' is at 12.20 down 0.45 or -3.56%. 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 neutral and the current bias is elevated and sideways.

How Oil Really Gets Priced

WTI oil is trading between 106.67 (resistance) and 105.46 (support) today. The session bias is negative and is currently trading down at 105.72.

Brent Crude is trading between 113.78 (resistance) and 112.16 (support) today. The session bias is sideways and is currently trading up at 113.34.

Gold prices slip amid expectations that the Federal Reserve will scale back its bond buying

Gold fell from 1273.48 earlier to 1259.79 and has now changed direction currently trading up at 1270.50. The current intra-session trend is sideways and quiet.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.061 falling from 3.066 earlier.

The US dollar is trading between 80.75 and 80.48 and is currently trading down at 80.71, the bias is currently sideways and quiet.

Real Time Market Numbers



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Written by Gary


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