Written by Gary Gately, Money Morning
Closing Market Commentary For 10-14-2013
Meeting with the US President was on at 1500 hours today and the markets rejoiced climbing higher than Friday’s close- halleluiah! Then it was ‘rescheduled’ so the two sides could continue ‘middle finger negations’ and the numbers started to down, but the BTFDers jumped in keeping the decent at bay – halleluiah! Nothing like a good dose of ‘Hopium”
By 4 pm markets were looking indecisive thinking the bulls couldn’t keep it up any longer, but the ‘Viagra Rally’ kicked in giving the averages one last push.
Yes, we the people are eventually gonna get screwed by our leaders and it is already looking bad and not much hope for a serious recovery anytime soon.
This on again and off again and the Fed’s continuing use of their ‘Market Viagra’ could make for some funny jokes if it wasn’t so serious. The thought now is that there will be no taper, the debt ceiling will be raised and the markets will make new highs.
The short term indicators have turned positive and the long term still is at 40 – 60% sell. But with all this jerking around anything goes and investors need to be especially vigilant for the near future.
QE Is “At Best An Unfair And At Worst An Evil Policy”
Five years ago, when QE first started, we blasted the Fed’s “Plan Z” systemic rescue “policy” – which was merely a tried and true dilutive fallback plan used by every collapsing monetary regime starting with the Romans.
. . . stating it does absolutely nothing to resolve the biggest underlying threat to the economy and the western way of life, namely the epic accumulation of debt (most of it bad).
. . . courtesy of a Fed which has now unleashed a perpetual “buyer of only resort” QE (as we predicted months before QEternity was revealed), which instead only redistributes wealth from the middle class to the wealthiest 0.01%, while providing scraps to the poorest to keep them occupied and away from very violent thoughts.
Enter the FT, which in an Op-Ed today titled “QE has stigmatised the well-off” says that “despite it being entirely justified as a save-the-world policy in its first round, it is still at best an unfair and at worst an evil policy.
Why? Because of the way in which it redistributes wealth” And now we lean back and await for even more of the incisive mainstream media to suddenly come up with this timely, non-conspiratorial observation.
The DOW at 4:00 is at 15301 up 64 or 0.42%.
The SP500 is at 1710 up 7 or 0.41%.
SPY is at 170.91 up 0.68 or 0.40%.
The $RUT is at 1090 up 6 or 0.55%.
NASDAQ is at 3815 up 23 or 0.62%.
NASDAQ 100 is at 3256 up 45 or 1.41%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been down and the current bias is positive.
WTI oil is trading between 102.57 and 101.08 today. The session bias is positive and is currently trading down at 102.22.
Brent Crude is trading between 110.60 and 109.09 today. The session bias is positive and is currently trading up at 110.10.
Gold rose from 1268.53 earlier to 1289.65 and is currently trading down at 1272.40.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.298 rising from 3.245 earlier.
The US dollar is trading between 80.52 and 80.21 and is currently trading up at 80.39, the bias is currently positive.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
