Closing Market Commentary For 05-02-2013
Interesting the SP500 could not rise above 1598 and after 3 tries decided to call it a day – maybe tomorrow will be the ‘day of the bull’.
Markets closed up near the highs of the day, but I doubt the will be a push above the highs tomorrow. The volume was pathetic and the melting up was done by the HFT computers. There isn’t a trader in the office that would trust this market right now.
My bet is that we will see a down day tomorrow mostly because of a lack of investor participation today.
The DOW at 4:00 is at 14831 up 130 or 0.89%.
The SP500 is at 1597 up 15 or 0.94%.
SPY is at 159.71 up 1.46 or 0.92%.
The $RUT is at 939.85 up 15 or 1.69%.
NASDAQ is at 3340 up 41 or 1.26%.
NASDAQ 100 is at 2911 up 38 or 1.28%. (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 neutral.
WTI oil is trading between 90.13 and 94.17 today. The session bias is bullish and is currently trading sideways at 93.96.
Brent crude is trading between 98.78 and 102.96 today. The session bias is bullish and is currently trading up at 102.78.
Gold rose from 1440.88 earlier to 1472.46 and is currently trading down at 1466.55.
Dr. Copper is at 3.104 rising from 3.059 earlier.
The US dollar is trading between 81.47 and 82.41 and is currently trading down at 82.28, the bias is currently bullish.
The 500 at the close. (The green lines are ‘gaps’ which is unusual for the SP500 and most likely will be closed first thing in the morning.)
The DOW at the close.
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Written by Gary