Written by Gary
Closing Market Commentary For 03-11-2014
The afternoon session was downhill all the way on anemic to low volume being attributed to growing concerns of Monday’s disappointing Chinese economic data.
By 4 pm the averages had posted moderate losses and the bears won the tug-o-war this session.
The short term indicators are leaning towards the hold side at the close. The all important signs of reversal, up or down, have not been observed so we are mostly at best neutral and conservatively at hold. The 50DMA, MACD, volume and a host of other studies have not turned, only a 6% correction (and recovery) and that is not enough for me to start shorting. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 40% sell.
The Best Stock Market Indicator Update says the market is untradable. The OEXA200R ended the week at 82%, unchanged from last weekend.
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The DOW at 4:00 is at 16351 down 68 or -0.41%.
The SP500 is at 1868 down 9.53 or -0.51%.
SPY is at 187.09 down 0.95 or -0.50%.
The $RUT is at 1187 down 13.39 or -1.12%.
NASDAQ is at 4307 down 27 or -0.63%.
NASDAQ 100 is at 3691 down 15 or -0.40%.
$VIX ‘Fear Index’ is at 14.80 up 0.60 or 4.37%. Neutral Movement
The longer trend is up, the past months trend is positive, the past 5 sessions have been mixed and the current bias is negative.
WTI oil is trading between 101.51 and 99.63 today. The session bias is negative and is currently trading down at 99.72.
Brent Crude is trading between 108.07 and 107.39 today. The session bias is neutral and is currently trading down at 107.69.
Gold rose from 1338.10 earlier to 1352.51 and is currently trading up at 1347.70. The current intra-session trend is positive.
Dr. Copper is at 2.951 falling from 3.056 earlier. (Low for the day 2.945)
The US dollar is trading between 79.82 and 80.05 and is currently trading up at 79.90, the bias is currently negative.
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Written by Gary