Closing Market Commentary For 06-04-2013
I considered playing golf today, but instead I decided to clean up the clutter in my office while monitoring today’s dismal session from a distance.
By 2 pm the markets had descended as far as they would go today and then started to melt up again, but not enough to see green. The 4 o’clock bell rang with the averages solidly in the red and heavier than normal volume to boot. If this is forbearing of tomorrow we shall see, I predict nothing anymore.
From Dailyfx, “Ha. A red close for US equities on Tuesday. Perhaps now we can stop with that Tuesday stuff.”
The Biggest Reason For Weak Economic Growth by Steven Hansen
The DOW at 4:00 is at 15177 down 76 or -0.50%.
The SP500 is at 1631 down 9 or -0.55%.
SPY is at 163.67 down 0.68 or -0.41%.
The $RUT is at 981.97 down 8.56 or -0.86%.
NASDAQ is at 3445 down 20 or -0.58%.
NASDAQ 100 is at 2973 down 17 or -0.57%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is negative.
WTI oil is trading between 92.38 and 94.40 today. The session bias is bearish and is currently trading down at 93.44.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 101.07 and 103.53 today. The session bias is bullish and is currently trading down at 103.27.
Gold fell from 1414.67 earlier to 1388.74 and is currently trading up at 1398.15.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.369 rising from 3.303 earlier.
The US dollar is trading between 83.00 and 82.45 and is currently trading down at 82.77, the bias is currently bearish.
GM to rejoin S&P 500. GM (GM) is finally returning to the S&P 500 after an absence of four years, with the auto giant set to replace Heinz (HNZ) in the index and in the S&P 100 as of the close of trading on Thursday. The move follows Heinz’s acquisition by Berkshire Hathaway and 3G Capital. Meanwhile, AIG (AIG) will replace Baker Hughes (BHI) in the S&P 100. GM’s shares rose 3.2% in post-market trading.
The 500 at the close. (3 days shown)
The DOW at the close. (3 days shown)
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Written by Gary
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