Closing Market Commentary For 07-16-2013
Sorry for not publishing a midday report, Comcast has been out all day. The averages have generally suffered from an investor lack of confidence today and Mr. Market isn’t about to give up its secrets either. My indicators say we could go up as well as head south in the near term.
By 4 pm the averages had traded in a narrow zone for most of the afternoon with several false starts both positive and negative totally confusing investors. Volume was low to moderate with the $VIX steadily melting upwards currently at 14.48.
The DOW at 4:00 is at 15452 down 32 or -0.21%.
The SP500 is at 1676 down 6 or -0.37%.
SPY is at 167.60 down 0.63 or -0.37%.
The $RUT is at 1039 down 4.56 or -0.44%.
NASDAQ is at 3598 down 9 or -0.25%.
NASDAQ 100 is at 3077 down 2 or -0.08%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is sideways and mixed.
WTI oil is trading between 106.76 and 105.40 today. The session bias is bearish and is currently trading down at 105.50.
More Widening For The Brent/WTI Spread ahead?
Brent crude is trading between 108.68 and 107.68 today. The session bias is sideways with a negative slant and is currently trading down at 107.90.
Gold rose from 1275.98 earlier to 1294.25 and is currently trading sideways at 1291.45.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.178 rising from 3.133 earlier.
The US dollar is trading between 83.26 and 82.52 and is currently trading up at 82.60, the bias is currently bearish.
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Written by Gary
