Written by Gary
Closing Market Commentary For 11-06-20
The DOW made new highs this afternoon while the rest of the market place remained mixed and flat. The small caps turned in a lackluster day mostly in the red and that puts the large caps on notice that the bears are coming. Mostly the DOW’s highs are the result of the HFT algo computers and the financial mobsters that control this market casino and really do not mean anything really.
By 4 pm the BTFDers were out buying up ‘bargains’ giving the last few minutes a small lifting factor.
Brent oil took a big dump starting around noon today because an excess in surplus and on-going talks with Libya while gold and the US dollar remained stable.
The short term indicators are leaning moderately towards the buy side this closing bell, but because of the Fed’s reluctance to give any hints of when the taper will begin, I would take most indicators with a grain of salt especially over night trades. The longer outlook remains bearish at a 40-60 sell.
If we get Fed tapering in December the markets will certainly react in a negative fashion. If the tapering begins in March 2014, like many believe it will, the markets are going to price that in by declining sooner. I am expecting weak to negative markets for the foreseeable future. Maybe we have seen the top – but I wouldn’t count it as long as the Fed continues to hand out ‘Market Viagra’!
The DOW at 4:00 is at 15747 up 86 or 0.82%.
The SP500 is at 1770 up 7.52 or 0.43%.
SPY is at 177.10 up 0.90 or 0.51%.
The $RUT is at 1099 down 5 or -0.45%.
NASDAQ is at 3932 down 8 or -0.20%.
NASDAQ 100 is at 3385 down 3 or -0.10%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is up, but sideways.
WTI oil is trading between 93.76 and 95.13 today. The session bias is positive and is currently trading up at 95.37.
Brent Crude is trading between 106.39 and 104.87 today. The session bias is sideways and is currently trading up at 104.96.
Gold rose from 1309.94 earlier to 1321.84 and is currently trading up at 1317.90.
Dr. Copper is at 3.241 falling from 3.277 earlier.
The US dollar is trading between 80.69 and 80.45 and is currently trading up at 80.55, the bias is currently neutral.
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Written by Gary