Written by Gary
Closing Market Commentary For 05-01-2014
The averages slid mostly downward during the afternoon session on mostly low to moderate volume. Investors are still concerned with World events as the circumstances in Ukraine apparently are deteriorating further and fears of a market top are at hand.
By 4 pm there was a late minute push upward that had little consequence to the closing numbers. The BTFDers saw it as a dip and the some investors are not so sure – neither am I. The large caps are in the red and the small caps gained somewhat.
The $RUT continues to be of concern along with the down trend of the NASDAQ and investors need to watch these averages carefully.
I am not alone in claiming this market place is rigged, coerced and run like a gambling casino. What is surprising, is that the corrupt SEC actually did something to enforce the laws, if you consider a couple of million dollars sanctioning. Wow! Actually enforce some laws – well, sort of, what a joke! Someone at the NYSE must have told an off-color joke about the lawyers at the SEC watching porn and the SEC struck back.
It is somewhat ironic, actually make that criminal, that two days after new SEC head Mary Jo White (whose conflict of interest list is so vast courtesy of her prior position as defending every Wall Street from their criminal acts she now has to recuse herself from virtually every enforcement action)
. . . solemnly promised Congress under oath that the “markets are not rigged“
[Now] the SEC comes out swinging and slaps the wrist of the NYSE with an intolerable $4.5 million fine for allowing market rigging “for a period of time from 2008 to 2012.”
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 SP500 MACD has turned up, but remains above zero at 6.34. I would advise caution in taking any position during this volatile transition period although Barchart.com shows a 32 % sell. (Remember this has been negative for weeks.) Investing.com members’ sentiments are 69% bearish.
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The DOW at 4:00 is at 16559 down 22 or -0.13%.
The SP500 is at 1884 down 0.27 or -0.01%.
SPY is at 188.36 up 0.02 or 0.01%.
The $RUT is at 1126 down 0.89 or -0.08%.
NASDAQ is at 4127 up 13 or 0.31%.
NASDAQ 100 is at 3594 up 13 or 0.34%.
$VIX ‘Fear Index’ is at 13.25 down 0.16 or -1.19%. 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 up and the current bias is mixed, generally positive.
WTI oil is trading between 99.87 (resistance) and 98.75 (support) today. The session bias is sideways and is currently trading down at 99.41.
Brent Crude is trading between 108.26 (resistance) and 106.86 (support) today. The session bias is positive and is currently trading down at 107.81.
Gold fell from 1292.83 earlier to 1277.40 and is currently trading up at 1285.30. The current intra-session trend is positive.
Dr. Copper is at 3.025 falling from 3.032 earlier.
The US dollar is trading between 79.77 and 79.48 and is currently trading up at 79.58, the bias is currently sideways.
Real Time Market Numbers
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Written by Gary