Closing Market Commentary For 04-03-2013
Today the sky really started to fall. Except for a brief moment in time the averages were up at the opening bell. From there EVERYTHING went to hell in a hand basket. Well, sorta. It was a down day, not a waterfall, but why are we seeing this ‘jerk us around’ action without the volume to support it?
Maybe someone can help me out and explain why the Indices, the oils, copper, gold and the US dollar all are falling AT THE SAME TIME? While you are at it, explain to me why I should not believe this market is not being manipulated. Oh yes, also please explain to me why the HFT algo computers are good for the markets as I seems to have lost my Cliff Notes.
The DOW was off +100 points today and yesterday it was up over 100 points, so I guess we will see it rise 100 points in tomorrows session. Is this crazy or what? We ended down but only to Monday’s sessions lows, so don’t get overly concerned about a market blowout.
Good grief, where is the moral sanity in what is going on? For that matter where is the SEC to protect us? Oh, never mind they are watching porno films, but I think we are the ones getting screwed.
When are we going to get some insight into the ‘Dark Pools’ transactions, big lot trades and other after hour proceedings? Yeah, I know, only the gazillionaire members have that privilege. Probably time to seriously think about a new line of work.
What we read this afternoon.
The SP500 is at 1553 down 16.56 or -1.05%.
SPY is at 155.21 down 1.62 or -1.03%.
The $RUT is at 918.71 down 15.59 or -1.67%. (This is significant.)
NASDAQ is at 3218 down 36 or -1.115%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral to bullish and the current bias is down.
WTI oil is trading between 97.30 and 94.15 today. The session bias is bearish and is currently trading down at 94.42.
Brent crude is trading between 110.35 and 106.58 today. The session bias is bearish and is currently trading up at 107.03.
Gold fell from 1602.75 earlier to 1550.00 and is currently trading up at 1557.92.
Dr. Copper is at 3.33 down from 3.40 earlier.
The US dollar is trading between 83.24 and 82.77 and is currently trading sideways at 82.87, the bias is currently bearish to neutral.
The 500 at the close. (55 day chart, daily looked like the DOW below.)
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary