Written by Gary
Closing Market Commentary For 10-28-2013
Around 3 pm the savvy investors decided to bail ship from the session highs and the averages started melting down. By 3:45 the melting looked more like a very small waterfall with some serious red volume to go with it.
But, by 4 pm the BTFDers jumped in and saved the session from total pandemonium. It was only a 3 point rise on the SP500 as it was solidly in the red just before the closing bell and ended up green. I am not so sure about a bullish day tomorrow though.
Short term indicators have moved back into the 50-50 zone for today’s session along with the longer term indicators. Most analysts are leaning towards more upside for the market in light of recent rumors on continuing QE at even larger than the current 85 billion per month. Now is not the time to take on additional positions with so much market indecision coming into play.
CNBC reports that half of S&P 500 companies have reported quarterly results, with 69% beating earnings expectations and 54% beating on revenues; if all remaining companies post earnings in line with estimates, earnings will rise 3.4% from last year’s Q3.
The DOW at 4:00 is at 15569 down 1.35 or -0.01%.
The SP500 is at 1762 up 2.34 or 0.13%.
SPY is at 176.34 up 0.28 or 0.16%.
The $RUT is at 1118 down 0.37 or -0.03%.
NASDAQ is at 3940 down 3.23 or -0.08%.
NASDAQ 100 is at 3383 down 1.15 or -0.03%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is positive.
WTI oil is trading between 98.26 and 98.73 today. The session bias is positive and is currently trading down at 98.58.
Brent Crude is trading between 107.00 and 109.46 today. The session bias is positive and is currently trading down at 109.41. (gap at 109.00)
Gold rose from 1346.30 earlier to 1361.52 and is currently trading down at 1353.00.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.265 falling from 3.285 earlier.
The US dollar is trading between 79.44 and 79.21 and is currently trading down at 79.38, the bias is currently mixed and mostly sideways.
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Written by Gary
