Closing Market Commentary For 05-06-2013
Slow day, indices held highs on low volume. Basically means those that bought in on Friday are not selling – yet. Hate to be so pessimistic, but this artificial prop up by Dr. Ben and Company looks more and more like a bubble waiting to burst. It is very difficult for me to get excited about the markets going higher. Mind you I am not saying they won’t, I am saying that the higher they go, the harder they will fall when some unexpected Black Swan pops up.
Markets closed with a very small contingency of bears opting out for the day at least. Small caps lead the large caps in percentage gains, but that isn’t saying much as overall the markets ended flat, lackluster and on the lowest volume in months.
One note is there are a lot of serious gaps made when several of the averages made their opening last Friday. Gaps, especially large ones like in the NASDAQ and $RUT, are usually filled before proceeding upwards – watch for this.
The DOW at 4:00 is at 14969 down 3 or -0.03%.
The SP500 is at 1617 up 3 or 0.19%.
SPY is at 161.80 up 0.43 or 0.27%.
The $RUT is at 959.80 up 5 or 0.56%.
NASDAQ is at 3393 up 14 or 0.42%.
NASDAQ 100 is at 2955 up 11 or 0.37%. (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 to bullish.
WTI oil is trading between 96.44 and 94.94 today. The session bias is neutral and is currently trading up at 95.73.
Brent crude is trading between 105.15 and 103.91 this morning. Recently Brent has risen to105.52 The session bias is bullish and is currently trading down at 105.24.
Gold fell from 1478.06 earlier to 1464.21 and is currently trading up at 1468.85.
Dr. Copper is at 3.298 falling from 3.323 earlier.
The US dollar is trading between 82.04 and 82.47 and is currently trading up at 82.37, the bias is currently neutral.
The 500 at the close.
The DOW at the close.
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Written by Gary