Closing Market Commentary For 04-24-2013
Large caps took it on the chin today while the rest of the averages remained flat and generally lackluster. Trading was sideways for the most part and ended up just about where everything started out this morning. Tune in tomorrow for another adventure of How this market casino is being manipulated.
While broad US macro-economic data has been sliding rapidly of late – now at equivalently bad levels as we saw in August of last year’s ‘swoon’, we have often seen ‘survey-based’ data provide some fillip to the hard-data deterioration.
Hope and faith that recovery is just around the corner provides just enough to hang new all-time high stock prices on.
But… in the last two weeks, the surprises from US business cycle and survey-based indicators have plunged. In fact they have dropped at a pace only matched by 2011’s Q2 slump that required global coordinated central bank intervention to save it.
Perhaps even more interesting from the chart (Here), is the lower highs being made in these indicators of the business cycle – which confirm the fading reality of any spillover-effect from QE.
The DOW at 4:00 is at 14676 down 43 or -0.29%.
The SP500 is at 1579 up 0.01 or 0.00%.
SPY is at 157.85 up 0.06 or 0.04%.
The $RUT is at 934.11 up 4.75 or 0.51%.
NASDAQ is at 3269 up 0.32 or 0.01%.
NASDAQ 100 is at 2834 down 1.25 or -0.04%. (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 bullish and the current bias is flat.
WTI oil is trading between 88.31 and 91.67 today. The session bias is bullish and is currently trading up at 91.62.
Brent crude is trading between 99.35 and 101.96 today. The session bias is bullish and is currently trading up at 101.92.
Gold rose from 1408.34 earlier to 1432.71 and is currently trading up at 1429.75.
Dr. Copper is at 3.166 rising from 3.078 earlier.
The US dollar is trading between 82.96 and 83.32 and is currently trading up at 83.06, the bias is currently neutral.
The 500 at the close.
The DOW at the close.
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Written by Gary