Market Commentary: Averages Close Down Again On Anemic Volume

June 26th, 2014
in Gary's blogging, market close

Written by

Closing Market Commentary For 06-26-2014

Markets closed in the red on anemic volume, no last minute sell-off and the DOW is down only 20 points.

By 4 pm the averages had melted up from -0.70% this morning to -0.15% on a gradual upwards path that appeared to be HFT computer generated. Either that or someone is sipping the Cool-Aid and have lost touch with reality.

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 15.21. I would advise caution in taking any position during this volatile transition period although shows a 48 % buy. members' sentiments are 58 % bearish and Investors Intelligence sets the breath at 68.5 % bullish with the status at Bear Correction.

The markets are still susceptible to climbing on 'Bernankellen' vapor, use caution!

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 16846 down 21 or -0.13%.

The SP500 is at 1957 down 2 or -0.12%.

SPY is at 194.40 down 0.14 or -0.07%.

The $RUT is at 1181 down 2 or -0.17%.

NASDAQ is at 4379 down 1 or -0.02%.

NASDAQ 100 is at 3827 down 0.42 or -0.01%.

$VIX 'Fear Index' is at 11.54 down 0.05 or -0.43%. bullish 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 net negative and the current bias is positive.

How Oil Really Gets Priced

WTI oil is trading between 106.77 (resistance) and 105.03 (support) today. The session bias is negative and is currently trading up at 105.70.

Brent Crude is trading between 114.17 (resistance) and 113.02 (support) today. The session bias is negative and is currently trading up at 113.16.

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

Gold rose from 1306.96 earlier to 1319.30 and is currently trading up at 1317.10. The current intra-session trend is sideways and quiet.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.172 rising from 3.150 earlier.

The US dollar is trading between 80.43 and 80.19 and is currently trading up at 80.28, the bias is currently sideways. (Gap at 80.32 indicating a positive movement back upwards which has occurred as predicted yesterday.)

Real Time Market Numbers

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

Written by Gary

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