Written by Gary
Closing Market Commentary For 07-10-2014
Market volume picked up some around 1:30 and remained in the low status for the session's afternoon. The declines across the board were deep enough to wonder what Mr. Market has in store for tomorrow, but not deep enough to be really worried say some investors.
By 4 pm trader's who bought in on yesterdays session lows are now wondering if they did the right thing. Is today going to be the wake-up call? But is it saying to buy or sell?
The market have been acting strangely lately in that stocks and bonds are moving in unison when they tend to move in opposite directions. Which one breaks the trend first may be the one that dictates where the indices will head.
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 down, but remains above zero at 13.13. I would advise caution in taking any position during this volatile period.
Barchart.com shows a 88 % buy. (Been at 88% for 4 sessions, methinks the meter is broken) Investing.com members' sentiments are 57 % bearish and Investors Intelligence sets the breath at 69 % bullish with the status at Bear Correction. (Chart Here *)
The markets are still susceptible to climbing on 'Bernankellen' vapor, use caution!
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The DOW at 4:00 is at 16915 down 71 or -0.42%.
The SP500 is at 1965 down 8 or -0.41%.
SPY is at 196.22 down 0.78 or -0.40%.
The $RUT is at 1162 down 12 or -1.02%.
NASDAQ is at 4396 down 23 or -0.52%.
NASDAQ 100 is at 3880 down 13 or -0.33%.
$VIX 'Fear Index' is at 12.59 up 0.94 or 8.07%. 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 net negative and the current bias is depressed and trending sideways.
WTI oil was trading between 102.28 (resistance) and 101.54 (support) today and then this afternoon it shot up to103.00. The session bias is positive and is currently trading up at 102.88.
Brent Crude is trading between 108.36 (resistance) and 107.77 (support) today and it too, shot up to 108.87. The session bias is positive, volatile and is currently trading down at 108.61.
Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold rose from 1325.42 earlier to 1346.09 and is currently trading down at 1337.30. The current intra-session trend is trending down.
Dr. Copper is at 3.271 rising from 3.233 earlier.
The US dollar is trading between 80.25 and 80.01 and is currently trading up at 80.17, the bias is currently quiet, but trending down.
Real Time Market Numbers
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Written by Gary