Closing Market Commentary For 04-08-2013
Markets closed up on falling volume with spurts of green. Mostly by HFT algo pump and dump computers and does not reflect a growing number of new investors.
Worries about Cyprus, the European Union, US employment and the US budget are still foremost in the minds of investors sitting on the sidelines. The aftermarket got a jolt with several companies reporting lower than expected earnings to start the FQ2 off and will most likely see the indices move lower in the morning. See below.
What we read this afternoon.
The DOW at 4:00 is at 14513 up 48 or 0.33%.
The SP500 is at 1563 up 9.79 or 0.63%.
SPY is at 156.32 up 1.16 or 0.75%.
The $RUT is at 931.49 up 8.21 or 0.89%.
NASDAQ composite is at 3222 up 18.39 or 0.57%.
NASDAQ 100 is at 2786 up 14.38 or 0.52%. (A lot of analysts are currently watching the 100.)
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral with a bearish slant and the current bias is down.
WTI oil is trading between 932.70 and 93.73 today. The session bias is bullish and is currently trading up at 93.57.
Brent crude is trading between 105.55 and 104.32 today. The session bias is bullish and is currently trading up at 105.04.
Gold fell from 1582.68 earlier to 1567.70 and is currently trading up at 1572.58.
Dr. Copper is at 3.37 up from 3.34 earlier.
The US dollar is trading between 82.80 and 82.49 and is currently trading up at 82.89.
The 500 at the close.
The DOW at the close.
The week ahead is light on major market moving data releases. From a policy perspective and in light of the recent moves in treasuries, FOMC minutes are likely to be followed by markets. Retail sales in the US are likely to print below consensus both on the headline and on the core metrics. That said, this needs to be seen against the backdrop of first quarter retail consumer spending data surprising to the upside. Producer prices are also likely to come in on the soft side of market expectations. Finally, do not expect large surprises from the U of Michigan consumer confidence.
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Written by Gary