Closing Market Commentary For 04-10-2013
Low volume and the HFT tried to push the averages higher but bursts of profit taking kept that from happening.
I said yesterday if the SP500 would go above yesterday’s red line in the chart AND stay there, it would be a very bullish signal. However late trading just before the market bell, there was considerable action on moderate volume where a lot of profit taking transpired.
The markets closed up and many bears were left with their mouths hanging open. Not much to add as the new numbers tend to be the headlines.
Again, my proprietary indicators are barely bullish contrary to market sentiment and signaling strong caution.
What we read this afternoon.
S&P Hits Record High On FOMC Leak
Cyprus Suspends Probe Into Who Withdrew Money Early
Daily State Of The Markets: Man Vs. The Machines – The State Of HFT
The Futility Of Expanding The Monetary Base
This S&P 500 Rally Does Not Have Good Legs
The Futility Of Expanding The Monetary Base
BERNANKE: “Bank Account Seizure Unlikely In U.S.”
See the video here: Bernanke on Cyprus and taxing bank deposits in the U.S.
Highlight clip from Bernanke’s press conference last week. Runs 2 minutes, and it takes Ben nearly that long to answer the question, before finally, in the last 10 seconds, he says it is “extremely unlikely” to happen in the U.S.
He does not say, however, that taxing or seizing assets from bank accounts is impossible. This is a door left wide open.
The DOW at 4:00 is at 14802 up 128.78 or 0.88%.
The SP500 is at 1587 up 19.12 or 1.22%.
SPY is at 158.67 up 1.92 or 1.22%.
The $RUT is at 946.09 up 16.75 or 1.80%.
NASDAQ is at 3297 up 59.39 or 1.83%.
NASDAQ 100 is at 2859 up 54.54 or 1.94%. (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 bearish and the current bias is down.
WTI oil is trading between 94.80 and 93.41 today. The session bias is bullish and is currently trading up at 93.94.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 106.39 and 105.25 today. The session bias is bearish and is currently trading up at 105.68.
Gold fell from 1588.45 earlier to 1558.50 and is currently trading down at 1558.72.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.42 down from 3.45 earlier.
The US dollar is trading between 82.70 and 82.38 and is currently trading down at 82.60, the bias is currently bullish.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
