Closing Market Commentary For 06-24-2013
The market has unnecessarily, in my opinion, contracted for the wrong reason, that being uneasiness with the Fed tapering QE. This was a technical correction within a bull run which now appears to be over. My call earlier to go long for the short term may indeed be correct.
By 4 pm the markets did fall back a bit but I suspect they will rise again tomorrow especially with a good print of the Durable Goods Order tomorrow morning at 8:30.
For how much further the markets will rise will depend on a great many variables, but I expect Mr. Market to rise somewhere at or near the closing prices of last Wednesday.
Wondering why the money world got its knickers in a twist last week? The answer is simple: the global economy is breaking apart and its constituent major players are doing face-plants on the downhill slope of a no-longer-cheap-oil way of life. Let’s look at them case by case.
The DOW at 4:00 is at 14659 down 140 or -0.94%.
The SP500 is at 1573 down 19 or -1.21%.
SPY is at 157.11 down 1.97 or -1.23%.
The $RUT is at 951.05 down 13 or -1.31%.
NASDAQ is at 3221 down 36 or -1.09%.
NASDAQ 100 is at 2848 down 30 or -1.03%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is bearish.
WTI oil is trading between 92.73 and 95.58 today. The session bias is bullish and is currently trading down at 93.97.
Brent crude is trading between 99.82 and 101.62 today. The session bias is bullish and is currently trading down at 101.03.
Gold fell from 1300.61 earlier to 1275.38 and is currently trading down at 1282.15.
Dr. Copper is at 3.040 down from 3.101 earlier.
The US dollar is trading between 82.51 and 83.04 and is currently trading down at 82.63, the bias is currently negative with and the gap at 82.61 has been covered.
The 500 at the close.
The DOW at the close.
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Written by Gary