Written by Gary
Closing Market Commentary For 09-10-2013
Sorry for the late post, Comcast was DOWN again!
Markets sailed along more or less sideways in positive ground all afternoon with bursts of green volume once in a while, but not accomplishing much.
Markets closed on an up note, but looking more and more like the ‘fat lady’ is about to step out of the shadows and sing. Just before the close there was a push by the BTFDers to grab the golden ring but fell 0.74 of a point short to close the gap on the SP500 which remains the start of an important resistance.
The gap should be filled early on tomorrow and what happens after that is anyone’s guess, however the odds are with the bears on this one. Depending what the tea leaves say in the morning, will dictate my trading thinking. Could be a great trading opportunity, watch you back.
Whatever the technical are, or are not, I am not going to guess what is going to happen at the opening tomorrow. With several past session moving up +~0.80% or so doesn’t bode well for the bulls continued euphoria, there will be a minor correction.
Sold my position on my short position bought this morning as the market looks to be consolidating for a push into the upper resistance tomorrow, -0.01% loss.
The DOW at 4:00 is at 15191 up 128 or 0.85%.
The SP500 is at 1684 up 12 or 0.73%.
SPY is at 168.83 up 1.24 or 0.74%.
The $RUT is at 1056 up 9.64 or 0.92%.
NASDAQ is at 3729 up 23 or 0.62%.
NASDAQ 100 is at 3185 up 15 or 0.48%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is positive.
WTI oil is trading between 108.89 and 106.43 today. The session bias is negative and is currently trading up at 107.38.
Brent Crude is trading between 113.56 and 110.60 today. The session bias is negative and is currently trading up at 111.53.
Gold fell from 1391.22 earlier to 1357.74 and is currently trading down at 1364.10.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.265 falling from 3.296 earlier.
The US dollar is trading between 81.98 and 81.73 and is currently trading down at 81.81, the bias is currently negative.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
