Closing Market Commentary For 04-22-2013
Markets had a nice long meltup today, mostly on low volume. Unless the news in the morning is especially bad, we should see a continuation of this market runup.
Markets closed in the +0.50% to 1.00% markup with little appreciable aftermarket action. Markets are in a zone of ‘anything can happen’ so be careful of fake-outs. Small gains in the large caps and larger ones in the small caps, however I would be cautious in reading too much into the tea leaves as such.
The DOW at 4:00 is at 14567 up 20 or 0.14%.
The SP500 is at 1562 up 7 or 0.47%.
SPY is at 156.19 up 0.69 or 0.14%.
The $RUT is at 914.80 up 2.30 or 0.25%.
NASDAQ is at 3233 up 27 or 0.86%.
NASDAQ 100 is at 2810 up 30 or 1.06%. (A lot of analysts are currently watching the 100 for a heads and shoulder formation.)
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bearish and the current bias is up.
WTI oil is trading between 87.10 and 89.46 today. The session bias is bullish and is currently trading up at 89.31.
Brent crude is trading between 98.30 and 101.02 today. The session bias is bullish and is currently trading up at 100.55.
Gold rose from 1402.95 earlier to 1438.88 and is currently trading up at 1426.16.
Dr. Copper is at 3.131 rising from 3.083 earlier.
The US dollar is trading between 82.74 and 83.03 and is currently trading down at 82.79, the bias is currently bearish.
** RRR = Risk Reward Ratio
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Written by Gary