Closing Market Commentary For 04-09-2013
New highs were made by the DOW and the SP500 this afternoon, but do you really believe it means anything about the continuing bull run?
By the time the markets closed the trend was down having failed to hold above previous highs and smacks of a bear day tomorrow. The red volume in the last minute and some aftermarket action was moderate to heavy indicating cold feet in believing this bull run will continue.
What we read this afternoon.
Curious why the Dow Jones just hit new all time highs? Here’s a partial list of recent economic events:
Markit US PMI Miss
ISM Manufacturing Miss
ISM New York Miss
Vehicle Sales Miss
ADP Employment Miss
ISM Services Miss
Challenger Job Cuts Miss
Initial Claims Miss
Trade Balance Beat
Non-Farm Payrolls Miss
Hourly Earnings Miss
NFIB Small Business Miss
Wholesale Inventories Miss
The DOW at 4:00 is at 14673 up 60 or 0.41%.
The SP500 is at 1568 up 5.54 or 0.35%.
SPY is at 156.73 up 0.52 or 0.35%.
The $RUT is at 929.34 down 2.15 or -0.23%.
NASDAQ is at 3238 up 15.61 or 0.48%.
NASDAQ 100 is at 2804 up 18.54 or 0.67%. (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 to bearish and the current bias is sideways with a negative slant.
WTI oil is trading between 92.55 and 94.40 today. The session bias is bullish and is currently trading down at 94.04.
Brent crude is trading between 103.68 and 106.40 today. The session bias is bullish and is currently trading down at 106.15.
Gold rose from 1570.50 earlier to 1590.32 and is currently trading down at 1584.90.
Dr. Copper is at 3.44 rising from 3.33 earlier.
The US dollar is trading between 82.81 and 82.38 and is currently trading up at 82.45, the bias is currently bearish.
The SP500 last 10 days. Does this tell you anything about the resistance above the red line at 1570.11. Going above this line, and staying there, will signal a very bullish condition.
The 500 at the close.
The DOW at the close.
** RRR = Risk Reward Ratio
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Written by Gary