Written by Gary
Closing Market Commentary For 10-23-2013
Averages limped along sideways during the entire session today with somewhat even volume unlike sessions where the volume drops during the middle of the day to faltering levels.
By the closing bell the averages looked weak, tired and uninspiring. Investors can’t make up their minds if the market is a buy or sell. Is this another consolidation before another move upwards?
Short term indicators are still out to lunch, but leaning in the sell direction. The longer term indicators are hovering in the 55% to 65% sell range. With a couple of major gaps above the present level would indicate, or at least suggest, that we will see more upside in the near future.
I can’t see the averages going too far down while we have some gaps above. I would love to see a huge burst of volume on the buy side which would probably signal a decent is on the way. I strongly believe we are going to see the bears take over, but when is the question with the Feds giving away all that free ‘Market Viagra’. As they say, the rooster will come home to roost, timing is everything, but try not to catch a ‘falling knife’.
The DOW at 4:00 is at 15413 down 54 or -0.35%.
The SP500 is at 1746 down 8 or -0.47%.
SPY is at 174.65 down 0.84 or -0.48%.
The $RUT is at 1111 down 5 or -0.42%.
NASDAQ is at 3907 down 22 or -0.57%.
NASDAQ 100 is at 3346 down 21 or -0.62%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is sideways.
WTI oil is trading between 98.27 and 96.18 today. The session bias is bearish and is currently trading up at 97.07.
Brent Crude is trading between 110.06 and 107.37 today. The session bias is bearish and is currently trading down at 107.59.
Gold fell from 1342.29 earlier to 1329.54 and is currently trading sideways at 1333.20.
Dr. Copper is at 3.264 falling from 3.334 earlier.
The US dollar is trading between 79.19 and 79.44 and is currently trading up at 79.34, the bias is currently sideways.
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Written by Gary