Written by Gary
Closing Market Commentary For 10-18-2013
The DOW finally saw green today and the small caps are raging like a bull pushing upwards setting new highs along the way. The large caps are still testing previous highs with the exception of the SP500 that reached a new high earlier this afternoon but on relatively low volume. It descended somewhat on much higher volume signaling weakness.
That SP500 high, however, is still in the resistance ‘zone’ and hasn’t broken out yet. Plus, the bullish up trend lines haven’t been broken either, so it is more than possible to continue melting upwards in the near term. All of this bullishness is directly contributed the QE Infinity and someday this ‘Market Viagra’ isn’t going to work any more.
We have been cautioning about a collapsing market for some time because industry financial icons also believe that this debt the Fed is making is unsustainable.
When you have three academics in a row, with no business or banking expertise, running the Fed there is going to be a judgment day for foolish monetary decisions. Many, many nations have gone down this path of bankruptcy and did not survive. Hopefully this Nation will never get to the point of collapsing into a socialistic bankrupt Third World country. That would be a very sad moment in history but, that is where we are headed I am afraid.
The sad part is that the US Congress does not have the guts to stop this approaching train wreck.
The DOW at 4:00 is at 15400 up 28 or 0.18%.
The SP500 is at 1744 up 11 or 0.65%.
SPY is at 174.25 up 1.17 or 0.67%.
The $RUT is at 1115 up 12.50 or 1.13%.
NASDAQ is at 3914 up 51 or 1.32%.
NASDAQ 100 is at 3354 up 53 or 1.59%.
The longer trend is up, the past months trend is mixed, the past 5 sessions have been positive and the current bias is sideways with a negative slant.
WTI oil is trading between 101.71 and 100.52 today. The session bias is negative and is currently trading up at 100.85.
Brent Crude is trading between 110.24 and 108.96 today. The session bias is positive and is currently trading up at 110.08.
Gold fell from 1325.86 earlier to 1311.86 and is currently trading up at 1315.70.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.291 falling from 3.319 earlier.
The US dollar is trading between 79.82 and 79.55 and is currently trading up at 79.69, the bias is currently positive.
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Written by Gary
