Closing Market Commentary For 07-26-2013
Between the HFT algo computers and the BTFDers, the afternoon session went along swimmingly recouping 80% of the day’s losses where the small caps actually posted a gain. By the end of the session most gaps had been closed and we ended up where we left off yesterday, everything but $RUT in the green.
By 4 pm the markets were flat and lackluster on moderate volume as the bulls and bears were battling it out. Next week is going to be exciting.
The short term indicators show a 20% sell and the longer term shows a 65% buy.
Eric Parnell’s article below is well written, reasonable and to the point.
The U.S. stock market continues to push along steadily to the upside. Not only are stocks firmly established in a long-term uptrend, but they also appear to have room to continue higher into the near-term.
Unfortunately, stocks are increasingly traveling this upside path alone, as many other major global markets and asset classes that are highly correlated with stocks have either already ground to a halt if not turned lower beginning as long as two years ago.
. . . when stocks are going up, high yield bonds are also usually going up, while U.S. Treasuries are commonly going down at the same time. The high yield’s are not confirming the 2013 stock rally.
The DOW at 4:00 is at 15559 up 3.22 or 0.02%.
The SP500 is at 1691 up 1.40 or 0.08%.
SPY is at 169.14 up 0.24 or 0.14%.
The $RUT is at 1048 down 5.67 or -0.54%.
NASDAQ is at 3613 up 8 or 0.22%.
NASDAQ 100 is at 3076 up 15 or 0.48%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been neutral and the current bias is bullish.
WTI oil is trading between 105.61 and 103.92 today. The session bias is bearish and is currently trading down at 104.69.
Brent crude is trading between 107.81 and 106.52 today. The session bias is bearish and is currently trading down at 107.17.
Gold fell from 1338.77 earlier to 1312.31 and is currently trading up at 1332.55.
Dr. Copper is at 3.106 falling from 3.193 earlier.
The US dollar is trading between 81.92 and 81.65 and is currently trading up at 81.78, the bias is currently neutral.
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Written by Gary