Closing Market Commentary For 05-21-2013
New highs were made again today as the Energizer Bunny Market keeps pushing higher and higher. This kind of news is sure to excite the ‘sheeples’ into a buying frenzy and help push this long run into a climatic end.
By 4 pm the averages had slipped off the sessions high, but remained in the green in what I would call a lackluster trading session.
Averages closed at higher numbers today with my proprietary indicators screaming sell, sell! The cliff edge is close, very close. I continue to see more upside, but any little burp will send this market cascading downward. Be on your toes, because I feel it is going to happen without much warning.
With US Macro no longer the clean dirty shirt, the ‘hope’ of a recovery from the Spring swoon has faded rather quickly according to Goldman’s latest Global Leading Indicator (though obviously not David Kostin).
The modest April pick up – driven mainly by sentiment indicators as opposed to hard data – has faded as the reality of economic deterioration was more pronounced as both the Philadelphia Fed headline and the New Orders less Inventories components (the advanced proxies for Goldman’s Global PMI aggregate) fell to the lowest level in more than six months.
The S&P GSCI Industrial Metals Index also made new lows and fell for the third month in a row. The CAD and AUD TWI Aggregates weakened, driven primarily by a weaker AUD, and US Initial Claims also worsened from last month. But apart from that… as Goldman notes, the decline in momentum was a bit more substantial in May than many had expected.
The DOW at 4:00 is at 15387 up 52 or 0.34%.
The SP500 is at 1669 up 3 or 0.17%.
SPY is at 167.15 up 0.22 or 0.13%.
The $RUT is at 998.76 up 0.78 or 0.08%.
NASDAQ is at 3502 up 6 or 0.16%.
NASDAQ 100 is at 3026 up 5 or 0.18%.
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 95.77 today. The session bias is negative and is currently trading down at 95.92.
Brent crude is trading between 105.14 and 103.51 today. The session bias is bearish and is currently trading down at 103.65.
Gold fell from 1399.60 earlier to 1358.06 and is currently trading down at 1372.25.
Dr. Copper is at 3.337 down from 3.379 earlier.
The US dollar is trading between 83.74 and 84.29 and is currently trading down at 83.92, the bias is currently neutral.
The 500 at the close.
The DOW at the close.
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Written by Gary