Closing Market Commentary For 05-20-2013
Markets coasted along this afternoon in a sideways fashion on somewhat low volume spiked with spurts of profit taking. Like in the past we may be staging a rest stop before plowing ahead with the bulls in tow. Hard to tell what Mr. Market has in mind knowing all well what weaknesses are abound.
By 4 pm the markets had not decided on a direction and closed on a somber note.
We saw this afternoon how weak the markets were when the dove of the Fed made a math error of a trillion dollars and the averages took a dive off their highs. Not a market I want to play in.
What we read this afternoon.
The DOW at 4:00 is at 15335 down 20 or -0.12%.
The SP500 is at 1666 down 1.18 or -0.07%.
SPY is at 166.89 down 0.05 or -0.03%.
The $RUT is at 997.98 up 1.70 or 0.17%.
NASDAQ is at 3496 down 2.54 or -0.07%.
NASDAQ 100 is at 3021 down 8 or -0.26%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is neutral with a negative slant.
WTI oil is trading between 95.52 and 97.35 today. The session bias is neutral and is currently trading up at 96.92.
Brent crude is trading between 103.85 and 105.30 today. The session bias is slightly negative and is currently trading down at 104.78.
Gold rose from 1340.06 earlier to 1397.36 and is currently trading up at 1392.05.
Dr. Copper is at 3.355 rising from 3.282 earlier.
The US dollar is trading between 84.29 and 84.01 and is currently trading up at 83.80, the bias is currently bearish.
The 500 at the close.
The DOW at the close.
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Written by Gary