Market Commentary: Markets Close Up For The Weekend, Caution Advised

Written by Gary

Closing Market Commentary For 10-04-2013

Markets melted up all day on low volume and settling in a zone previously visited 2 sessions ago, but did not reach those highs and that includes the small caps.

Market strength was obvious in today’s session, but the partial US government shutdown and continuing debt worries are keeping this market place at bay. It wouldn’t take much to drive Mr. Market off the cliff, investors need to remain vigilant.

I suspect we will see some increased volatility next week as worries mount and rumors begin. The indicators for the short term remain on the high side for selling and the longer term have also moved off the medium line to slightly sell. Overall the markets show weakness mixed in with the strength and that makes decision making extremely difficult.

Now is a good time for a vacation because nothing is going to be decided on until after next week.

The DOW at 4:00 is at 15072 up 76 or 0.51%.

The SP500 is at 1690 up 12 or 0.17%. (9th. day closing below 1700 – bearish)

SPY is at 168.93 up 1.21 or 0.76%.

The $RUT is at 1078 up 7 or 0.69%.

NASDAQ is at 3808 up 33 or 0.89%.

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

How Oil Really Gets Priced

WTI oil is trading between 102.89 and 104.17 today. The session bias is neutral and is currently trading down at 103.61.

Brent Crude is trading between 108.60 and 109.75 today. The session bias is neutral and is currently trading down at 109.32.

Gold fell from 1324.71 earlier to 1306.30 and is currently trading up at 1311.00.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.300 rising from 3.258 earlier.

The US dollar is trading between 79.78 and 80.27 and is currently trading up at 80.23, the bias is currently positive.

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Written by Gary