Markets Close Down, Last Minutes Heavy Profit Taking

Closing Market Commentary For 05-31-2013

I do get tired of guessing what Mr. Market is going to do next and today is a good example. Today should have been an up day, instead it falls on moderate red volume. Yes, the market is weak and eventually we will see a 20% correction, barring a Black Swan, I believe that event is some distance in the future. This daily fluctuations has become a joke as we watch DaBoyz do their manipulation thing.

The markets closed down with a burst of heavy red volume and very little aftermarket buying activity. Maybe the bond brokers needed to clear out the month, meaning Monday will be an up day.

Friday and last day of the month. Could this indicate what is in store on Monday? This is truly a casino, one you can get burned in very easily. There is no rhyme or reason it seems on a daily basis.

The DOW at 4:00 is at 15115 down 209 or -1.36%.

The SP500 is at 1631 down 24 or -1.43%.

SPY is at 163.45 down 2.35 or -1.40%.

The $RUT is at 984.15 down 10.28 or -1.03%.

NASDAQ is at 3456 down 35.39 or -1.01%.

NASDAQ 100 is at 2982 down 30.07 or -1.00%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is negative.

How Oil Really Gets Priced

WTI oil is trading between 93.85 and 91.577 today. The session bias is bullish and is currently trading up at 91.73.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 102.38 and 100.07 today. The session bias is bearish and is currently trading down at 100.14.

Gold fell from 1421.33 earlier to 1384.81 and is currently trading up at 1384.75.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.272 falling from 3.330 earlier.

The US dollar is trading between 83.01 and 83.65 and is currently trading down at 83.31, the bias is currently bullish.

The 500 at the close. (Actually a 3 day chart.)

The DOW at the close. (Actually a 3 day chart.)

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Written by Gary