Scary Market Advances To New Historical Highs

Closing Market Commentary For 05-08-2013

What a scary market with bull and bear traps and eventually melting up to new highs on very low volume.

Markets closed mostly in the green and what I would call flat and one notch above lackluster status. This market is in such a precarious position, believe me when I say if Dr. Ben passes gas the market will surly descend in quick fashion. It won’t take much to spook Mr. Market into a panic right about now.

The DOW at 4:00 is at 15105 up 48.92 or 0.32%.

The SP500 is at 1632 up 6.73 or 0.41%.

SPY is at 163.36 up 0.76 or 0.47%.

The $RUT is at 970.41 up 2.59 or 0.27%.

NASDAQ is at 3413 up 16.64 or 0.49%.

NASDAQ 100 is at 2968 up 15.36 or 0.52%. (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 positive.

How Oil Really Gets Priced

WTI oil is trading between 95.24 and 96.75 today. The session bias is bearish and is currently trading down at 96.53.

Beware, The Brent Vigilantes Are Coming Back

Brent crude is trading between 103.55 and 104.78 today. The session bias is neutral and is currently trading down at 104.17.

Gold rose from 1449.42 earlier to 1475.22 and is currently trading up at 1472.05.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.360 rising from 3.291 earlier.

The US dollar is trading between 82.40 and 81.78 and is currently trading up at 82.00, the bias is currently bullish.

The 500 at the close.

The DOW at the close.

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Written by Gary