Written by Gary
Closing Market Commentary For 10-30-2013
Today’s afternoon session slithered sideways until the Feds left investors unsure what controls are going to be left in place, then it dropped precipitously and recovered 50% of that fall by the closing bell.
By 4 pm the averages were in the red with the $RUT down -1.39% leading many to discount any rise in the markets in the near future.
The SP500 made new historical highs but couldn’t keep them and the DOW faltered again trying to make new highs (and keep them) closing at what is now a triple top. The $RUT lead the pack down and suspect this will be a continuing story tomorrow.
Econintersect: The Federal Open Market Committee (FOMC) – the board of directors of the Federal Reserve – meeting concluded today and issued their meeting statement which is almost an exact duplicate of the previous meeting statement. QE and ZIRP will continue because:
… the recovery in the housing sector slowed somewhat in recent months. Fiscal policy is restraining economic growth.
The DOW at 4:00 is at 15619 down 62 or -0.39%.
The SP500 is at 1763 down 9 or -0.49%.
SPY is at 176.54 down 0.88 or -0.50%.
The $RUT is at 1105 down 16 or -1.39%.
NASDAQ is at 3931 down 22 or -0.55%.
NASDAQ 100 is at 3385 down 6 or -0.19%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is negative.
WTI oil is trading between 98.20 and 96.93 today. The session bias is negative and is currently trading down at 96.72.
Brent Crude is trading between 108.60 and 110.15 today. The session bias is positive and is currently trading up at 109.95.
Gold rose from 1334.74 earlier to 1359.47 and fell again and is currently trading down at 1344.30.
Here’s why copper has lost its indicator role
Dr. Copper is at 3.315 rising from 3.273 earlier.
The US dollar is trading between 79.97 and 79.52 and is currently trading down at 79.77, the bias is currently sideways.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
Written by Gary
