Market Commentary: Markets Close Up On Low Volume, Investors Leery Of Gains

Written by Gary

Closing Market Commentary For 04-21-2014

Markets closed up on the lightest volume in a month. The $VIX remained in the 13’s most of the day while some traders dipped their toes in the market waters. Investors on the other hand decided to wait out this session and see what is going to happen during the rest of the week.

By 4 pm the averages were still melting higher without the ‘normal’ 3:58 selloff. Savvy investors are still VERY leery of the Ukraine situation and the ‘black swan’ effect an invasion would have on the World markets.

The markets lie smack-dab in the middle of the neutral zone, neither a bull or bear. Some analysts are claiming that we should have one more up day, before another ‘correction begins.

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 holding. The important DMA’s, volume and a host of other studies have not turned, only a past 6% correction (and recovery) and that is not enough for me to start shorting. The MACD has turned up slightly, but remains near zero. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 24 % buy. (Remember this has been negative for weeks.)

If you would like to get advanced buy/sell tweets, sign-up in the column to the right of this post by clicking on the ‘Follow‘ button. Write me with suggestions and I promise not to bite.

The DOW at 4:00 is at 16449 up 41 or 0.25%.

The SP500 is at 1872 up 7 or 0.38%.

SPY is at 187.00 up 0.65 or 0.35%.

The $RUT is at 1142 up 4.44 or 0.39%.

NASDAQ is at 4122 up 26 or 0.64%.

NASDAQ 100 is at 3560 up 25 or 0.72%.

$VIX ‘Fear Index’ is at 13.25 down 0.11 or -0.82%. Neutral Movement

(Follow Real Time Market Averages at end of this article)

The longer trend is up, the past months trend is sideways, the past 5 sessions have been positive and the current bias is positive.

How Oil Really Gets Priced

WTI oil is trading between 104.58 (resistance) and 102.96 (support) today. The session bias is sideways and is currently trading down at 103.56.

Brent Crude is trading between 110.04 (resistance) and 108.91 (support) today. The session bias is positive and is currently trading down at 109.93.

Gold fell from 1301.12 earlier to 1282.05 and is currently trading down at 1289.90. The current intra-session trend is sideways.

Analysts forecast a corrosive year for copper prices

Dr. Copper is at 3.045 falling from 3.054 earlier.

The US dollar is trading between 80.06 and 79.86 and is currently trading down at 80.03, the bias is currently sideways.

Real Time Market Numbers

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

[email protected]

Written by Gary