Closing Market Commentary For 10-31-2013
The averages generally sank during the afternoon session on low volume and picked up speed during the last minutes of the session on moderate to heavy red volume. After markets remained stable trading sideways with a positive slant on unremarkable volume.
By 4 pm the investors feeling soured by the lack of a positive news, many are planning to lighten their positions as early as tomorrow. The BTFDers, on the other hand, are planning to do the opposite.
Conservative traders and investors are looking at the prospect of increased volatility in the coming months and will temper any quick draw buys and concentrate on smart plays. Short and long indicators are around 40-60 and now leaning towards the sell side more than this morning, just be careful and watch your stops.
The DOW at 4:00 is at 15546 down 73 or -0.47%.
The SP500 is at 1756 down 6.77 or -0.38%.
SPY is at 175.99 up 0.50 or 0.28%.
The $RUT is at 1100 down 5.35 or -0.48%.
NASDAQ is at 3920 down 11 or -0.28%.
NASDAQ 100 is at 3378 down 7.65 or -0.23%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been positive and the current bias is bearish.
WTI oil is trading between 96.98 and 96.07 today. The session bias is neutral and is currently trading up at 96.26.
Brent Crude is trading between 109.82 and 108.55 today. The session bias is negative and is currently trading down at 108.74.
Gold fell from 1341.92 earlier to 1318.91 and is currently trading up at 1323.90.
Dr. Copper is at 3.296 falling from 3.316 earlier.
The US dollar is trading between 79.48 and 80.34 and is currently trading up at 80.33, the bias is currently positive.
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Written by Gary