Closing Market Commentary For 05-17-2013
New historical and inter-year highs were made late in the session proving the old bull still had the ‘stuff’.
Markets closed out Friday’s session on a high note and the news of this ‘unbelievable’ bull market should bring in the ‘sheeples’ in groves for the eventual slaughter. I would expect Monday to be a big day – one way or the other.
Whoever orchestrated the last two hour closing ramp sure has a satanic sense of humor, opting to close the S&P at 1666 or exactly 1000 points above the “generational” low.
A late-day desperation to buy-buy-buy, triggered by an avalanche of stops being triggered in the DAX futures market (as it broke all time highs), sent stocks soaring.
Treasuries had been weak all day (giving back yesterday’s gains and more). The equity spurt was not accompanied by VIX or Credit or Oil or Copper but JPY’s break of 103 was another trigger supporting the rise. But that doesn’t matter.
The release of weak IP and in-line CPI data on Wednesday seemed to trigger the ‘change’ as gold and silver diverged lower from copper and oil’s surge, Treasuries rallied, and stocks and the USD surged thereafter. WTI crude ends the week unchanged (against a USD gain of 1.37%) with PMs down 6-7%. Volume was light today but that doesn’t matter either.
The DOW at 4:00 is at 15354 up 121 or 0.80%.
The SP500 is at 1666 up 15 or 0.95%.
SPY is at 166.94 up 1.59 or 0.95%.
The $RUT is at 996.28 up 11 or 1.11%.
NASDAQ is at 3499 up 34 or 0.97%.
NASDAQ 100 is at 3029 up 30 or 0.99%.
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 94.80 and 96.43 today. The session bias is neutral with a bullish slant and is currently trading down at 95.94.
Brent crude is trading between 103.35 and 104.87 today. The session bias is neutral and is currently trading down at 104.61.
Gold fell from 1386.95 earlier to 1353.80 and is currently trading up at 1356.55.
Dr. Copper is at 3.313 rising from 3.281 earlier.
The US dollar is trading between 83.87 and 84.50 and is currently trading down at 84.36, the bias is currently neutral.
The 500 at the close.
The DOW at the close.
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Written by Gary