Written by Gary
Closing Market Commentary For 10-10-2013
Holy cow Batman, the bulls are running wild, run for cover! All the major indices closed above 2.10% today and that is some kind of record until you notice that the volume was low to anemic. It would appear that the only ones buying into this market were the HFT algo computers. It would also imply that human investors, like you and me, are not buying into the inflated market hype.
Well, the expected positive market knee-jerk has happened after an apparent hand shake between the two waring political entities in Washington. Markets closed much higher and if you bought some inverse ETF’s before the close, you might be soundly rewarded in the next day or so after this euphoria wears off.
I sat on my hands and didn’t buy anything as this market is full of surprises. Remember, Yellen is at the helm now and I hear she has a bag full of ‘free ice cream’ to hand out to keep this market chugging along.
I mentioned several days ago that the market would rise to great heights as soon as any announcement was made to end the political stalemate in Washington and it did so in a grand fashion.
The DOW at 4:00 is at 15126 up 323 or 2.18%.
The SP500 is at 1693 up 36 or 2.18%. (13 days in a row that it closed blow 1700)
SPY is at 168.97 up 3.57 or 2.16%.
The $RUT is at 1069 up 26 or 2.50%.
NASDAQ is at 3761 up 83 or 2.26%.
NASDAQ 100 is at 3211 down 20 or -0.60%. (BIG RED FLAG)
The longer trend is up, the past months trend is negative, the past 5 sessions have been negative and the current bias is positive.
WTI oil is trading between 101.20 and 103.57 today. The session bias is positive and is currently trading up at 102.91.
Brent Crude is trading between 108.86 and 111.92 today. The session bias is positive and is currently trading up at 111.91.
Gold fell from 1311.77 earlier to 1286.24 and is currently trading up at 1288.20.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.246 rising from 3.216 earlier.
The US dollar is trading between 80.41 and 80.67 and is currently trading up at 80.56, the bias is currently sideways.
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Written by Gary
