Closing Market Commentary For 05-22-2013
Markets closed down in what is described as the largest high to low drop intraday in the SP500 in 5 weeks. Other averages suffered the same fate dropping almost freefall since 1 pm with heavier than usual volume to go with it.
About 3:30 pm the ‘dippers once again saved the day by charging in, buying up all those ‘bargains’ and melting the averages up a bit. They are probably correct this time anyway.
Several gaps that were formed almost 2 weeks ago when the markets opened much higher were closed. Why this is important is the market is ‘almost’ unencumbered now to rise higher now that some of the these ‘technicalities are out of the way. I do feel that the indices have a way to go before making that ‘correction’ everyone is talking about.
The markets are still in a state of jitters as investors are unsure where Mr. Market is going to take them, but assured there are more fireworks to be seen.
2:10 PM: Stocks had already shed their Bernanke-testimony gains from this morning and they head even lower following the release of the FOMC minutes showing a “number” willing to begin tapering QE as soon as the next policy meeting. S&P 500 (SPY -0.4%), Nasdaq 100 (QQQ -0.6%). The dollar (UUP +0.4%) moves to a new session-high, and Treasurys (TLT -1.3%) continue to sell off.
The DOW at 4:00 is at 15307 down 80 or -0.52%.
The SP500 is at 1655 down 14 or -0.83%.
SPY is at 166.23 down 0.94 or -0.56%.
The $RUT is at 982.26 down 16.52 or -1.65%.
NASDAQ is at 3463 down 39 or -1.11%.
NASDAQ 100 is at 2999 down 27 or -0.90%.
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 96.19 and 94.01 today. The session bias is negative and is currently trading down at 94.11.
Brent crude is trading between 103.81 and 102.24 today. The session bias is mixed but negative and is currently trading down at 102.26.
Gold rose from 1353.44 earlier to 1412.99 and is currently trading up at 1368.25.
Dr. Copper is at 3.367 rising from 3.334 earlier.
The US dollar is trading between 84.50 and 83.52 and is currently trading sideways at 84.35, the bias is currently positive.
The 500 at the close.
The DOW at the close.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
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