Market Commentary: BTFDers Moved In For The (road) Kill During Last Minute.

Written by Gary

Closing Market Commentary For 10-01-2013

Markets moved up considerably during the last 1 minute, sky rocketed in fact. No news that would have caused this, most likely a rumor that Obama caved in – NOT! The NASDAQ also set a new high which is important if this bull market is going to continue.

By 4 pm the green volume was moderate to heavy with the BTFDers moving the SP500 to today’s highs and the DOW up to almost that high. Looked exciting, but it wasn’t and the markets remain bearish in light of the government shutdown uncertainties.

And the markets moves Up?

Global Growth Hopes Fade As Baltic Dry Drops Most In 11 Months

Domestic Vehicle Sales Plunge; Miss By Most Since Jan 2009

David Stockman Fears Intense Resentment Over “Disaster” That Is Obamacare

The DOW at 4:00 is at 15191 up 62 or 0.41%.

The SP500 is at 1695 up 13 or 0.80%.

SPY is at 169.45 up 1.33 or 0.79%.

The $RUT is at 1087 up 13.64 or 1.27%.

NASDAQ is at 3818 up 46 or 1.23%.

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

How Oil Really Gets Priced

WTI oil is trading between 102.57 and 101.06 today. The session bias is positive and is currently trading down at 101.86.

Brent Crude is trading between 108.40 and 106.81 today. The session bias is positive and is currently trading down at 107.75.

Gold fell from 1337.86 earlier to 1283.02 and is currently trading down at 1290.20.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.275 falling from 3.337 earlier.

The US dollar is trading between 79.95 and 80.33 and is currently trading down at 80.24, the bias is currently bullish.

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Written by Gary