Written by Gary
Closing Market Commentary For 07-11-2014
The averages melted up during the afternoon session reversing a down session this morning.
By 4 pm the volume had risen from anemic to low and appears the HFT computers did most of the work melting the averages into the green for a small gain to trim weekly losses.
U.S. stocks finish with small gains, trim weekly losses
NEW YORK (MarketWatch)-The U.S. stock market closed higher on Friday after the main benchmarks picked up steam in late afternoon, trimming weekly losses.
The S&P 500 SPX +0.15% closed up 2.89 points, or 0.2% at 1,967.57 and finished the week 0.9% lower. The Dow Jones Industrial Average DJIA +0.17% gained 28.74 points, or 0.2% to 16,943.81, bur recorded a 0.7% weekly loss.
SPX 1,967.57, +2.89, +0.15%
The Nasdaq Composite COMP +0.44% added 19.29 points, or 0.4%, higher at 4,415.49 but was 1.6% lower over the week.
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 12.27. I would advise caution in taking any position during this volatile period.
Barchart.com shows a 88 % buy. ( At 88% for the last 4 sessions - meter broken?) Investing.com members' sentiments are 59 % bearish and Investors Intelligence sets the breath at 68.0 % bullish with the status at Bear Correction. (Chart Here *)
The markets are still susceptible to climbing on 'Bernankellen' vapor, use caution!
Be sure to read the weekend edition tomorrow morning, The Straw That Broke The Camels Back.
The DOW at 4:00 is at 16944 up 29 or 0.17%.
The SP500 is at 1968 up 3 or 0.15%.
SPY is at 196.70 up 0.27 or 0.14%.
The $RUT is at 1160 down 2 or -0.17%.
NASDAQ is at 4415 up 19 or 0.44%.
NASDAQ 100 is at 3905 up 25 or 0.63%.
$VIX 'Fear Index' is at 12.09 down 0.50 or -3.97%. 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 positive and trading sideways.
WTI oil is trading between 102.91 (resistance) and 100.44 (support) today. The session bias is negative and is currently trading down at 100.72.
Brent Crude is trading between 108.74 (resistance) and 106.28 (support) today. The session bias is negative and is currently trading down at 106.47.
Maybe I'm Wrong - Justifying $2,000+ Gold by Jeffrey Dow Jones
Gold fell from 1340.29 earlier to 1334.91 and is currently trading up at 1339.10. The current intra-session trend is positive.
Dr. Copper is at 3.270 rising from 3.246 earlier.
The US dollar is trading between 80.27 and 80.06 and is currently trading down at 80.22, the bias is currently elevated and quiet.
Real Time Market Numbers
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Written by Gary