Written by Gary
Closing Market Commentary For 09-03-2013
Afternoon averages moved to the negative side several times in the afternoon session but closed up just above lackluster – on moderate volume. We are most definitely in a consolation mode as the last 5 sessions show. Tight and constrained all of the major averages have moved sideways building pressure to go one or the other.
Markets closed up in a moderate fashion, with many investors to continue to worry over World affairs. There is no simple answer to whether the markets will continue to go up or face a substantial ‘correction’ in the next week or so.
Today was another session relieving the oversold conditions paving the way for a risky ascent that would most likely fail, but that is another story.
The DOW at 4:00 is at 14834 up 24 or 0.16%.
The SP500 is at 1640 up 7 or 0.42%.
SPY is at 164.52 up 0.74 or 0.45%.
The $RUT is at 1016 up 5 or 0.53%.
NASDAQ is at 3613 up 23 or 0.63%.
NASDAQ 100 is at 3092 up 18 or 0.58%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is positive.
WTI oil is trading between 106.56 and 108.81 today. The session bias is positive and is currently trading up at 108.53.
Brent Crude is trading between 113.78 and 115.97 today. The session bias is positive and is currently trading down at 115.70.
Gold rose from 1184.31 earlier to 1416.34 and is currently trading up at 1412.90.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.312 rising from 3.276 earlier.
The US dollar is trading between 82.27 and 82.61 and is currently trading down at 82.38, the bias is currently neutral.
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Written by Gary
