Market Commentary: Slow Session Turns In Dismal Sideways Performance On Anemic Volume

July 7th, 2014
in Gary's blogging, market close

Written by

Closing Market Commentary For 07-07-2014

Markets drifted sideways in the red for the most part on anemic volume and at times zero volatility.

By 4 pm the session ended down, quiet and headed nowhere. Hard to guesstimate where Mr. Market will take us tomorrow, but look forward to anther lackluster session I think.

Follow up:

There might be enough financial news by the end of the week to move the market higher, but that is just a SWAG. The crash I joked about at noon didn't happen, nor did my nap - will try again tomorrow.

The medium 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 16.17. I would advise caution in taking any position during this volatile period. shows a 88 % buy. (I think their meter is broken, but we will see.) members' sentiments are 61 % bearish and Investors Intelligence sets the breath at 69.6 % bullish with the status at Bear Correction. (Chart Here) NYSE Bullish Percent Index ($BPNYA) is at 74.64. (Chart Here) S&P 500 Bullish Percent Index ($BPSPX) is at 84.40. (Chart Here)

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 17024 down 44 or -0.26%.

The SP500 is at 1978 down 8 or -0.39%.

SPY is at 197.60 down 0.69 or -0.35%.

The $RUT is at 1187 down 21 or -1.77%.

NASDAQ is at 4452 down 34 or -0.77%.

NASDAQ 100 is at 3911 down 12 or -0.31%.

$VIX 'Fear Index' is at 11.33 up 1.01 or 9.79%. 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 down and trading sideways.

How Oil Really Gets Priced

WTI oil is trading between 104.04 (resistance) and 103.20 (support) today. The session bias is negative and sideways and is currently trading down at 103.45.

Brent Crude is trading between 110.92 (resistance) and 109.98 (support) today. The session bias is negative and is currently trading up at 110.03.

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

Gold fell from 1317.87 earlier to 1312.51, reversed course and is currently trading up at 1320.50. The current intra-session trend is now positive. (There was a gap at 1320.46 and I expected gold to climb back up this morning to close this gap, which it just did.)

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.257 rising from 3.237 earlier.

The US dollar is trading between 80.40 and 80.24 and is currently trading down at 80.27, the bias is currently down and sideways. There is a gap that will be filled in sooner than later that requires the Dollar to retrace its numbers back down to 80.10.

Real Time Market Numbers



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Written by Gary


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