Closing Market Commentary For 05-14-2013
Markets continued the melt-up with pausing spurts for most of the afternoon session as the SP500 futures continued to edge up after the close.
The markets did close up but with many investors with serious doubts about hanging onto whatever longs they still hold much less than to buy more. It looked really bad a month ago and now the signs are negatively tantalizing. New highs were made by most of the averages, in fact I can’t readily find one that didn’t creep up somewhat.
It is getting real scary out there in Mr. Market Land. My proprietary indicators are solid red and have NEVER been like this before, well in the last 4 years anyway. I know it takes time for tops and all that rot to form, but the signals of a reversal are stronger than ever and that time is quickly approaching it seems.
The DOW at 4:00 is at 15215 up 123 or 0.69%.
The SP500 is at 1650 up 16 or 1.01%.
SPY is at 165.31 up 1.76 or 1.07%.
The $RUT is at 985.96 up 12 or 1.25%.
NASDAQ is at 3462 up 24 or 0.69%.
NASDAQ 100 is at 2996 up 14 or 0.47%. (went above 3000 earlier in the session)
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is bullish.
WTI oil is trading between 95.96 and 93.92 today. The session bias is bearish to neutral and is currently trading down at 94.23.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 102.93 and 101.92 today. The session bias is bearish to neutral and is currently trading sideways at 102.50.
Gold fell from 1441.83 earlier to 1420.38 and is currently trading down at 1424.55.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.289 falling from 3.378 earlier.
The US dollar is trading between 83.05 and 83.72 and is currently trading up at 83.71, the bias is currently bullish.
The 500 at the close.
The DOW at the close.
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Written by Gary
