Closing Market Commentary For 06-06-2013
Markets closed on a high note rising up from the morning doldrums and making a decent rise for the bulls. The bears were disappointed when it became clear Mr. Market was going to continue melting up.
By 4 pm there was a slight push by the ‘dippers’ making the averages look good. Unfortunately the movement upwards was not matched by heavier volume. There is some bad news and some good news.
The good news is that I expect the markets to continue to show somewhat favorable results over the near term. That is I do not expect the bottom to fall out in the next several weeks. The bad news is that the reporting financials are not very good and the European ECB officials are fabricating stories one right after another. Some time in the future the bottom will fall out.
One thing should be clear by now and that is the QE is pumping liquidity into the system and provides the push upwards.
The DOW at 4:00 is at 15040 up 80 or 0.53%.
The SP500 is at 1622 up 13 or 0.85%.
SPY is at 162.88 up 1.61 or 0.99%.
The $RUT is at 979.46 up 11.30 or 1.17%.
NASDAQ is at 3424 up 22.57 or 0.66%.
NASDAQ 100 is at 2950 up 13.16 or 0.45%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is positive.
WTI oil is trading between 93.61 and 95.31 today. The session bias is negative (for now) and is currently trading down at 94.64.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 102.82 and 103.84 today. The session bias is bearish (for now) and is currently trading down at 103.50.
Gold rose from 1391.20 earlier to 1423.26 and is currently trading up at 1412.15.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.328 falling from 3.395 earlier.
The US dollar is trading between 82.83 and 81.09 and is currently trading down at 81.55, the bias is currently negative.
The 3 day 500 at the close.
The 3 day DOW at the close.
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Written by Gary
