Closing Market Commentary For 07-31-2013
The FOMC minutes was a dull reading and not saying very much but the markets reacted in a full blown buy for several minutes, but by 2:15 it was all downhill. But wait, it gets even better. In just 5 minutes the markets were back exactly where they were BEFORE the minutes release. Can you spell HFT algo computers at work? There will be a stink over this and then after a day or so everyone will forget about it as usual.
By 4 pm the markets had sunk to another miserable low taking with it all the sheeples that bought in. Unbelievable!
Remember what I suggested about having your stops too close? Well a bunch of investors just got stopped out during today’s mini flash crash by the crooks that run this show. Now these poor souls are sitting on the sidelines watching the averages shoot up to the sessions highs. The SP500 set another new high in the process and then by the close fell below the previous session low.
Folks, this is all going to end very badly. Such blatant manipulation and Uncle Ben just keeps on printing.
The DOW at 4:00 is at 15499 down 21 or -0.14%.
The SP500 is at 1686 down 0.23 or -0.01%.
SPY is at 168.96 up 0.14 or 0.08%.
The $RUT is at 1045 up 1.75 or 0.17%.
NASDAQ is at 3626 up 10 or 0.27%.
NASDAQ 100 is at 3090 up 5 or 0.16%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is negative.
WTI oil is trading between 105.28 and 102.95 today. The session bias is bullish and is currently trading up at 105.17.
Brent crude is trading between 107.79 and 105.75 today. The session bias is bullish and is currently trading up at 107.72.
Gold fell from 1339.17 earlier to 1306.40 (gap covered at 1326.20) and is currently trading up at 1323.75.
Dr. Copper is at 3.118 rising from 3.063 earlier.
The US dollar is trading between 81.48 and 82.28 and is currently trading up at 81.74, the bias is currently bearish.
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Written by Gary