Oils Crushed, Markets Remain Up, Low Volume

Written by Gary

Closing Market Commentary For 08-29-2013

Markets were in cruise control for most of the afternoon session with a slight negative slant which was expected. Then about 3 pm the decent began in earnest erasing 1/2 of today’s gains. The oils started falling at 2 pm culminating in a 2.21 point loss on Brent Crude and a 1.82 points on WTI oil. (Aftermarket futures are still melting down.)

By 4 pm the averages were surprisingly quiet and not much action although melted down somewhat on low volume. The ever present BTFDers, including the bears, were not showing their hands at the close. Very quiet. The question is what’s happening tomorrow?

The crude oil price fluctuation is going to be an ongoing situation evidently from the crushing decent this afternoon.

Crude Crushed Into Pit Close

No news; no update; nothing from the White House or State Department… but WTI Crude futures collapsed over $1.50 into the close in minutes on very heavy volume. We are sure someone somewhere knows why…though the Press Briefing may just have started the world’s fears over the credibility of the US case…

The DOW at 4:00 is at 14840 up 16.13 or 0.11%.

The SP500 is at 1638 up 3.20 or 0.20%.

SPY is at 164.16 up 0.26 or 0.16%.

The $RUT is at 1027 up 10.44 or 1.03%.

NASDAQ is at 3620 up 26.95 or 0.75%.

NASDAQ 100 is at 3093 up 21.19 or 0.69%.

The longer trend is up, the past months trend is bullish, the past 5 sessions have been negative and the current bias is bearish.

How Oil Really Gets Priced

WTI oil is trading between 107.812 and 110.026 today. The session bias is bearish and is currently trading up at 107.91.

Brent Crude is trading between 114.21 and 117.03 today. The session bias is bearish and is currently trading down at 114.36.

Gold fell from 1418.18 earlier to 1402.78 and is currently trading down at 1407.80.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.259 falling from 3.323 earlier.

The US dollar is trading between 81.41 and 82.10 and is currently trading down at 81.99, the bias is currently negative.

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Written by Gary