Closing Market Commentary For 03-20-2013
Surprise, surprise investors bought into Bernanke’s remarks and the ‘dippers’ moved in for a few percentage points. The afternoon to the FOMC meeting remained in the narrow trading band starting at the opening but bumped up on what was considered good news by some from the Feds.
The after market action was telling as the red volume spiked up as profit taking took place. SPY dropped a third of a point after the markets closed under moderate volume. Will this spill over carry onto tomorrows market is a question, but usually it doesn’t.
Foxnews reported, “After the bell Wednesday, Oracle posted 3Q revenue of $9 billion and adjusted earnings per share of 65 cents. Wall Street was looking for 66 cents on sales of $9.4 billion, and the shares are off about 6% in after-hours trading.”
Interesting comment on the FOMC meeting.
Post-FOMC: Market Un-Response
The reaction to the FOMC statement is extremely significant in its almost entire lack of response.
Pre: 10Y 1.94%, ES 1550, Gold $1606, WTI $92.70, EUR 1.2950
Post: 10Y 1.935%, ES 1551.5, Gold $1606.5, WTI $92.95, EUR 1.2966Mortgage spreads widened very modestly; Volume has died; VWAP is your friend; and the Great and Powerful Oz is about to speak.
The DOW at 4:00 is at 14511 up 56 or 0.39%.
The SP500 is at 1558 up 10.37 or 0.67%.
SPY is at 155.37 up 0.76 or 0.49%.
The $RUT is at 951.95 up 9.10 or 0.97%.
NASDAQ is at 3254 up 25 or 0.78%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is sideways with a bearish slant.
WTI oil is trading between 92.02 and 93.28 today. The session bias is bullish and is currently trading up at 93.27.
More Widening For The Brent/WTI Spread Ahead?
Brent crude is trading between 106.85 and 108.39 today. The session bias has turned bearish and is currently trading down at 108.00.
Gold fell from 1615.10 earlier to 1603.20 and is currently trading down at 1605.74.
Dr. Copper is at 3.44 rising from 3.39 earlier.
The US dollar is trading between 83.31 and 82.78 and is currently trading up at 83.03, the bias is currently bullish.
The 500 at the close.
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary
