Opening Market Commentary For 05-21-2013
Premarkets were flat early on and at 9 am they jumped up +0.20% but not much of any indication to what Mr. Market had in mind for today. If today ends up, it will be the second longest winning streak since 1968 where the DOW rallied 24 straight Wednesdays.
By 10 am the markets had melted up to near to yesterday’s highs and turned down. The melting began in earnest with a steep drop for 15 minutes with relatively heavy profit taking.
No mater what happens today, it will not mark the end of this bull run as I still see some more top ahead.
The DOW at 10:30 is at 15337 up 1 or 0.03%.
The SP500 is at 1663 down 3 or -0.17%.
SPY is at 166.60 down 0.33 or -0.20%.
The $RUT is at 996.48 down 1.53 or -0.16%.
NASDAQ is at 3488 down 8 or -0.23%.
NASDAQ 100 is at 3013 down 6 or -0.22%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is negative.
WTI oil is trading between 97.22 and 96.25 today. The session bias is negative and is currently trading down at 96.67.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 105.14 and 103.96 today. The session bias is bearish and is currently trading down at 104.25.
Gold fell from 1399.60 earlier to 1358.06 and is currently trading up at 1363.25.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.369 up from 3.341 earlier.
The US dollar is trading between 83.86 and 84.29 and is currently trading up at 84.29, the bias is currently bullish.
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Written by Gary
