Markets Close Within Striking Distance Of Previous Highs

Closing Market Commentary For 04-29-2013

Volume picked up towards the closing bell with the bears squeaking in for the win of the tug-o-war. Indices eased back from afternoon highs but will most likely try to test the previous highs as has been expected. Whether or not the averages march on beyond that resistance line in the sand remains to be seen.

Markets closed with the ‘dippers’ taking advantage of the last minute dip saving the averages from falling further – weakness is becoming more apparent as each week comes and goes.

The financial reports were not so good as reported this morning and I wanted to point out that the US Dallas Fed Manufacturing Activity crashed from 7.4 to -15.6 while the ‘x-spurts’ were expecting 5.0 – really folks this is not good.

Here is another one of the things that give me the willies.

@zerohedge:_______

At $72.8 Trillion, Presenting The Bank With The Biggest Derivative Exposure In The World (Hint: Not JPMorgan)

Think JPMorgan’s $69.5 trillion in total notional derivative exposure is big to quite big? You ain’t seen nothing yet…

The DOW at 4:00 is at 14818 up 106 or 0.72%.

The SP500 is at 1593 up 11 or 0.72%.

SPY is at 159.31 up 1.05 or 0.66%.

The $RUT is at 942.43 up 7.18 or 0.77%.

NASDAQ is at 3307 up 28 or 0.85%.

NASDAQ 100 is at 2867 up 26 or 0.93%. (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 bullish.

How Oil Really Gets Priced

WTI oil is trading between 92.57 and 94.66 today. The session bias is positive and is currently trading up at 94.38.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 102.59 and 103.91 today. The session bias is positive and is currently trading down at 103.80.

Gold fell from 1478.30 earlier to 1462.91 and is currently trading up at 1474.25.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.220 rising from 3.159 earlier.

The US dollar is trading between 82.52 and 82.10 and is currently trading up at 82.17, the bias is currently negative to neutral.

The 500 at the close. (Red line at to of graph is the previous historical high.)

The DOW at the close. (Red line at to of graph is the previous historical high.)

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

[email protected]

Written by Gary